The fine was issued as the exchange continued to offer services in Netherlands without proper registration.
The Dutch Central Bank has fined cryptocurrency exchange Binance a 3.325 million euros ($3.37 million) fine for continuing to offer services to Dutch citizens without required registration, according to an official release on Monday.
De Nederlandsche Bank (DNB) requires virtual asset service providers (VASPs) to complete registration under the the Money Laundering and Terrorist Financing Prevention Act.
The fine was increased from 2 million euros as Binance has “a very large number” of customers in the Netherlands.
The exchange objected to the fine, which was imposed on April 25.
Binance has submitted for registration, which is being assessed by the central bank.
Binance recently received regulatory registration in France, also obtaining a provisional approval to operate as a broker-dealer in Abu Dhabi in April.