Introduction
Since 2020 the Dutch anti-money-laundering act (Wwft) requires crypto service providers in the Netherlands to register with DNB, the Dutch central bank. Several major names failed to do so (in time) and were fined.
What is the Wwft registration?
The Wwft requires crypto providers to perform KYC, transaction monitoring, sanctions screening, and reporting of unusual transactions to FIU-Netherlands. Without registration, serving Dutch users was prohibited.
The complete fines overview
| Exchange | Amount | Year | Reason |
|---|---|---|---|
| Binance | €3.33M | 2022 | Services without registration |
| Coinbase | €3.33M | 2023 | Services without registration |
| Crypto.com | €2.85M | 2023 | Services without registration |
| Bybit | €2.25M | 2022 | Services without registration |
| OKX | ~€1.65M | 2023 | Services without registration |
| KuCoin | Order subject to penalty | 2022 | Services without registration |
What do we learn?
- AML registration is not optional — DNB actively enforced.
- Big names are not immune — international giants were fined too.
- Some exchanges left the Netherlands — Binance and KuCoin among them.
Who stayed clean?
Several exchanges registered in time or proactively stayed out, building a clean AML track record — a signal worth weighing alongside licences and Proof of Reserves.
Frequently asked questions
Can I still trade on a fined exchange?
Yes, provided it now holds a MiCA licence and its registration is in order.
What is the difference between Wwft registration and MiCA?
Wwft was the old Dutch AML registration; MiCA is the new European licence that partly builds on it.