Dutch Central Bank Sues Coinbase for $3M

AMSTERDAM, NL – The Dutch central bank, De Nederlandsche Bank (DNB), is suing cryptocurrency exchange Coinbase for €3.3 million ($3.6 million) over failure to register their services with the central bank. 

According to a statement from DNB, regulations were imposed on 21 May 2020 to combat terrorism financing and money laundering. Coinbase had made assurances that it would register as a cryptocurrency. 

The statement explained, “the non-compliance persisted over a prolonged period: from 15 November 2020 until at least 24 August 2022 (the end date of DNB’s examination).” 

Coinbase did complete registration on 22 September 2022, outside the window of opportunity given by the DNB. The central bank argues that before 22 September Coinbase was unable to report suspicious or illegal financial activity to the Dutch authorities because they were not registered.