From 2025, De Nederlandsche Bank (DNB) will focus on tackling payment service providers and trust offices who are operating illicitly. This type of facility presents an increased risk of money laundering. Those carrying out activities without the required licence will be liable not only under administrative law but also under criminal law, DNB warns.
The Dutch central bank has been battling illegally operating crypto firms for some time. Companies wishing to provide crypto services in the Netherlands are required to register with DNB under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Waft). The registration requirement for crypto service providers was introduced on May 21, 2020, due to the high risk of money laundering and terrorist financing associated with crypto services. In 2022, DNB fined Binance, one of the largest cryptocurrency exchanges, €3.3 million for offering services in the Netherlands without being registered in the country. For the same reason, DNB imposed a €3.3 million administrative fine on Coinbase Europe Limited last year.