Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday.

See related article: Binance gets nod from Spain to offer crypto exchange, custody services

Fast facts

• De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 million) fine on Binance in April.

• DNB said Binance enjoyed a competitive advantage as it did not pay levies to the central bank and the incurring costs associated with the supervision by DNB.

• “While we do not share the same view on every aspect of the decision, we deeply respect the authority and professionalism of Dutch regulators to enforce regulations as they see fit,” a Binance spokesperson told Forkast on Tuesday.

• The spokesperson said Binance has applied for a registration as a crypto service provider through a locally established entity, Binance Nederland BV.

• The fine in the Netherlands comes amid the world’s largest crypto exchange’s European expansion.

• Binance has been given regulatory approval to offer crypto-related services in France, Italy and Spain.

See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report