The Dutch central bank (DNB) has formally recognized Crypto.com as a crypto service provider, the most recent in a line of governmental recognitions that the firm has praised.Despite previously taking a hard position against businesses like Binance and Coinbase, the Netherlands has now joined other countries like the U.K., Dubai, and France in recognizing the firm, which is officially known as Foris DAX Global Ltd.
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance,” said Kris Marszalek, CEO of crypto.com in a statement. “We look forward to continuing to work with DNB and other regulators around the world.”
Due to allegations that they supplied Dutch consumers without registering, a regulatory process that certifies compliance with anti-money laundering and sanctions rules, DNB has previously penalized businesses like Binance and Coinbase millions of euros.Binance just made the announcement that it is leaving the nation after failing to get recognition.New EU regulations that go into effect in 2024 would allow exchanges and wallet providers licensed in one EU member, like the Netherlands, to operate throughout the 27-nation union. This licensing procedure is more rigorous than registration and entails checks on governance and financial health.Although the registration was not visible on DNB’s public registry at the time of writing, a central bank representative verified it.