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Thursday, March 23, 2023

Bitcoin exchange Coinbase registers with De Nederlandsche Bank

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Bitcoin exchange Coinbase – The American cryptocurrency exchange Coinbase has registered with De Nederlandsche Bank (DNB). Registration is only a formality. It does not provide any additional security for Dutch cryptocurrency traders.

Since the spring of 2020, it has been mandatory for providers of cryptocurrency services in the Netherlands to register with the central bank. Coinbase calls itself the first major international player in the crypto industry to have a Dutch registration in its pocket.

DNB introduced the registration obligation for crypto companies to do something about money laundering and the financing of terrorism via cryptocurrencies. When registering, companies must be able to demonstrate that they comply with anti-money laundering laws and sanctions legislation.

Bitcoin exchange Coinbase registers with De Nederlandsche Bank

Companies that provide services around cryptocurrencies in our country without registering risk fines. For example, Binance, the world’s largest crypto platform, was fined 3.3 million euros last summer because it was active in the Netherlands without the mandatory registration.

Turkey bans bitcoin and other cryptocurrencies as a means of payment

The fact that Coinbase has registered with DNB does not mean that the platform is checked for matters such as financial stability or risks. The Netherlands Authority for the Financial Markets also does not supervise Coinbase.

The American company itself also emphasizes that consumers do not enjoy specific protection against losses via the crypto trade.


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Bitcoin exchange Coinbase registers

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