NL Crypto-Assets Market / AML-CFT: Foris DAX MT Limited (Crypto.com) Heavily Fined by the Dutch Central Bank (DNB)

EnforcementFintech - DigitalizationAML/CFT

Mar 14

Foris DAX MT Limited (aka Crypto.com) was fined a whopping amount of € 2,850,000 in October 2023 for providing crypto services in the Netherlands without registration. They offered the exchange between virtual currency and fiat currency, as well as custody wallets (crypto services), without possessing the required registration with DNB.

In the Netherlands, article 23b of the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act ( Wwft), requires a registration with DNB if a person offers services for the exchange between virtual currency and fiat currency in or from the Netherlands (professionally or commercially). This also applies to offering of custody wallets / digital assets wallet. Failure to comply leads to administrative actions by DNB, such as imposition of fines.

Discover more about the press release by clicking the link provided here.

Other Crypto-Service Providers fined by DNB for not registering:

Upon examination of the Decisions concerning Crypto-Service Providers, it's evident some have unsuccessfully tried to “circumvent” mandatory registration. This recent fine imposed by DNB reaffirms that AML/CFT remains a paramount priority consistently monitored by supervisors.

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