On March 13, 2024, the De Nederlandsche Bank (DNB), the central bank of the Netherlands, imposed a fine of €2.85 million (USD 3.10 million) on Foris DAX MT Limited for non-compliance with the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act.
According to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act, providers of cryptocurrency services are mandated to register. However, DAX MT Limited, operating commercially as Crypto.com, operated without the necessary registration for over two years, from May 21, 2020, until at least November 8, 2022. During this period of operation without the required registration, DAX MT evaded supervisory and compliance fees.
Additionally, DAX MT (Crypto.com) neglected to report any unusual transactions to the DNB, as required by law.
