Coinbase Fined $3.6 Million by the Dutch Central Bank (Report)

The central bank of the Netherlands – De Nederlandsche Bank (DNB) – reportedly fines Coinbase 3.3 million euros ($3.6 million) for failing to comply with local rules.

The exchange recently announced its second wave of layoffs and said it will stop operating on the Japanese market.

• As reported by Reuters, the central banking institution of the Netherlands fined Coinbase $3.6 million for failing to register its services in the European country between November 2020 and August 2022. 
• The DNB took into account that the platform is among the leaders in its field and has a “significant number of customers” on local soil.
• The bear market has disrupted the business of the trading venue, which dismissed approximately 18% of its total workforce last year and laid off additional 950 people this month.
• Coinbase also announced it will leave Japan, citing unfavorable economic conditions. Deposits were halted last week, while Japanese users have until mid-February to withdraw their holdings.
• Despite the issues, the exchange doubled down on its deal with the German soccer club – Borussia Dortmund – and will serve as its Premium Partner. 
• Coinbase will also promote its services and products on Signal-Iduna-Park (Germany’s biggest stadium and home ground of the team) and provide cryptocurrency education for Borussia’s employees.