OKX Extends to Netherlands Offering Crypto Wallet and Exchange

OKX, a global cryptocurrency exchange platform, hasannounced the launch of its services in the Netherlands. Dutch customers nowhave access to spot trading, including buying and selling cryptocurrencies,along with conversion services for over 150 digital assets, including more than60 crypto-Euro pairs.

Additionally, the OKX Wallet is available to Dutchcustomers, providing a gateway to the Web3 world and allowing them to have fullcustody of their crypto assets.

Instant Euro Transactions

Integration with iDEAL, the online payment system in theNetherlands, enables customers to withdraw and deposit Euro funds to their OKXaccounts instantly and free of charge. Furthermore, deposits and withdrawalsthrough the Single Euro Payments Area are also available at no cost.

The Netherlands boasts a vibrant community of cryptoenthusiasts, ranging from newcomers to seasoned traders and long-terminvestors. Known for their early adoption of technology, the Dutch activelyparticipate in the crypto and Web3 communities.

Today, we're officially launching our crypto exchange and #OKX Wallet in the NetherlandsDutch customers can access spot (buy & sell) trading, as well as convert services, for over 150 cryptocurrencies including more than 60 crypto-Euro pairs through our OKX exchange platform. https://t.co/NTcArR5AM0

Meanwhile, OKXhas withdrawn its application for a license to offer virtual asset servicesin Hong Kong, as Finance Magnatesreported. The firm will discontinue centralized virtual asset trading servicesfor Hong Kong residents as of May 31, 2024, according to its website.

Presence in Netherlands with Compliance Measures

The country's reputation for a knowledge-based economy,technological innovation, and investment landscape, coupled with world-classdesign thinking, makes it an attractive market for OKX.

The company plans toexpand its local team led by Benelux Regional Manager Roy van Krimpen, with afocus on hiring top talent to ensure sustainable growth and close engagementwith the community.

The company holds a crypto service provider registrationwith De Nederlandsche Bank for its centralized exchange platform servicesin Europe, along with a virtual financial asset service provider license inMalta.

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Coinbase Europe Fined $3.6M for Severe Non-Compliance

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Continue reading Coinbase Europe Fined $3.6M for Severe Non-Compliance at DailyCoin.

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First Binance and Now Coinbase Have Both Been Fined $3.3m in Netherlands

<p>The leading digital assets <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> Coinbase has been slapped with a hefty $3.3 million fine by the Dutch central bank, De Nederlandsche Bank (DNB). A fine of an identical amount was paid a few months earlier by its rival platform <a href="https://www.financemagnates.com/tag/binance/" target="_blank" rel="follow">Binance</a>.</p><p>According to the DNB's press release, the fine was imposed due to unauthorized crypto activities at the Coinbase exchange, from November 2020 until at least 24 August 2022.</p><p>Coinbase Europe Limited Fined by DNB</p><p>The Coinbase European subsidiary, Coinbase Europe Limited, has been operating unregistered in the Netherlands since at least November 2020. Earlier in May of the same year, the DNB imposed a registration requirement on all cryptocurrency service providers due to the high risk of money laundering and terrorist financing. </p><p>The base fine for a violation committed by Coinbase is €2 million, but it was increased due to the fact that Coinbase is one of the largest cryptocurrency exchanges in the world and has a large number of consumers in the Netherlands. </p><p>"In addition, Coinbase has enjoyed a competitive advantage in that it has not paid any supervisory fees to DNB or incurred other costs in connection with DNB's regular supervision activities. A further important reason for the increased fine is that the non-compliance persisted over a prolonged period," DNB stated.</p><p>The decision to impose the fine was made on 18 January, but the official announcement was not released to the media until 26 January.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">DNB imposes administrative fine on Coinbase Europe Limited for providing crypto services without the legally required registration until 22 September 2022. <a href="https://t.co/wEjAez6GDs">https://t.co/wEjAez6GDs</a> <a href="https://t.co/cDzXxKRqq4">pic.twitter.com/cDzXxKRqq4</a></p>— De Nederlandsche Bank (@DNB_NL) <a href="https://twitter.com/DNB_NL/status/1618523195161858049?ref_src=twsrc%5Etfw">January 26, 2023</a></blockquote><p>Binance Paid a Similar Fine in July</p><p>The Dutch regulator <a href="https://www.financemagnates.com/cryptocurrency/regulation/binance-fined-33-million-by-dutch-central-bank/" target="_blank" rel="follow">imposed an identical fine on Binance last July</a>. Binance was required to pay a penalty of €3.3 million for offering local investors access to cryptocurrency services without proper regulation.</p><p>DNB's explanation at the time was very similar: Binance is a large exchange with a sizable customer base, which used a competitive advantage in failing to comply with local regulations. The Dutch regulator pointed to the anonymity of cryptocurrencies, which can become a tool for <a href="https://www.financemagnates.com/terms/m/money-laundering/" class="terms__secondary-term" id="f30ffb65-351e-44d6-9dae-0714f08b59b2" target="_blank">money laundering</a> without proper oversight.</p><p>"The registration requirement for crypto service providers was introduced on 21 May 2020 because of the high risk of money laundering and terrorist financing associated with crypto services. This is related to the anonymity associated with crypto transactions. The registration requirement enables DNB to monitor the risk of illicit financial flows more effectively," the regulator explained.</p><p>Almost a year earlier, the DNB had issued a public warning against Binance for unauthorized activity. <a href="https://www.financemagnates.com/cryptocurrency/news/the-fcas-binance-warning-what-does-this-meaning-for-uk-crypto-regulation/" target="_blank" rel="follow">Several other regulators have published similar notices.</a></p><p>Watch the recent FMLS 2022 Executive Interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.</p><p>Coinbase Faces Crypto Winter Troubles</p><p>The fine imposed on Coinbase adds to the recent problems the platform has faced. At a time when <a href="https://www.financemagnates.com/cryptocurrency/binance-hires-when-coinbase-cuts-employment-amidst-crypto-winter/" target="_blank" rel="follow">rival Binance is increasing its headcount</a>, Coinbase has decided to shed its workforce in the face of a prolonged cryptocurrency winter.</p><p>Due to the staff cuts, the platform <a href="https://www.financemagnates.com/cryptocurrency/coinbase-stops-operations-in-japan-due-to-market-volatility/" target="_blank" rel="follow">has decided to suspend its operations in the Japanese market</a>. All local customers must withdraw their funds and transfer them to another platform until 16 February 2023.</p><p>"Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers," Coinbase wrote in a blog post.</p><p>Many other cryptocurrency exchanges have reported job cuts in the period. <a href="https://www.financemagnates.com/cryptocurrency/crypto-platform-luno-sheds-35-of-workforce/" target="_blank" rel="follow">Luno announced a similar decision this week</a>, reducing its workforce by 35%. Earlier, a potential reduction was announced by Crypto.com, looking to lay off up to 20% of current employees.</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Dutch Central Bank Declares KuCoin is Not “Legally Registered” in the Netherlands

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Kraken Acquires Registration for VASP in the Netherlands

Kraken secures a VASP registration from the Dutch Central Bank, marking a significant step in its European expansion and commitment to regulatory compliance. This strategic move enhances Kraken's offerings in the Netherlands and positions it for further growth in Europe. (Read More)

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DNB Greenlights Kraken with VASP Registration: Opens Doors to Dutch Market

Krakenhas achieved a milestone in its European growth strategy with the acquisitionof a VASP (Virtual Asset Service Provider) registration from the Dutch CentralBank (DNB). This registration paves the way for Kraken to expand its operationsinto the Dutch market.

Kraken'sEuropean Growth Soars with Dutch Market Opportunities

BrianGahan, the Managing Director of Europe for Kraken, expressed enthusiasm aboutthe company's accelerated European growth strategy, emphasizing theopportunities presented by the Dutch market. Gahan stated: "With theaddition of the Dutch VASP registration, our European growth strategy continuesto accelerate. We see a lot of opportunity to introduce our offering to bothretail clients and professional traders in the Netherlands and across Europe."

TheNetherlands stands out as a strategically vital market due to its vibrantstartup ecosystem, robust financial services industry, and high fintechadoption rate among developed economies. Moreover, the country boasts one ofthe highest rates of cryptocurrency adoption in Europe, with approximately 20%of Dutch citizens holding digital assets.

Kraken'srecognition of the Netherlands' significance is further underscored by itsproposed acquisition of Dutch crypto broker BCM, announced in October 2023.This move signals Kraken's proactive approach to leveraging the country'scrypto-friendly environment and facilitating its long-term growth objectives inEurope.

Another milestone in our European growth strategy - Kraken received a registration from the Dutch Central Bank We look forward to welcoming all the new Dutch clients that are looking for an easier, better & more secure crypto experience. Read more https://t.co/9rG46vUyit

StrategicResponse to EU Crypto Regulations

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Notably,Kraken has securedregistrations in other key European markets such as Spain, Italy, and Ireland,with ongoing efforts to penetrate additional territories. Kraken'sattainment of the VASP registration from the DutchCentral Bank underscores its commitment to regulatory compliance and itsposition as a leading player in the European crypto market.

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