The Dutch central bank fined Binance for offering services without proper registration, underscoring the company’s friction with regulators.
The penalty came after an August 2021 warning from De Nederlandsche Bank (DNB) last year that Binance had offered crypto services in the country without authorization.
In a statement by DNB, the charge came in at the upper limit of 2 million euros to 4 million euros, the maximum DNB can impose due to the gravity and degree of culpability of the non-compliance.
Binance filed an appeal against the fine on June 2, DNB said.
A Binance spokesperson said the company is hoping to put the squabble behind it as it pursues its Dutch license.