When determining the fine, the DNB, in its own words, took into account that Binance is the largest crypto party in the world, good for a daily trading volume of 13.7 billion dollars.
At the same time, the fine was increased due to the long period of violations, but also reduced by 5 percent because a registration application has been submitted in the meantime and because the company now communicates transparently with the DNB.
Binance would also have a large number of customers in the Netherlands. The DNB can impose a maximum of 4 million euros as an administrative fine. Binance filed an appeal against the fine on June 2.