DNB Grants Crypto.com Approval for Dutch Crypto Services

The Dutch central bank has granted Crypto.com permission to provide its services in the country.

The exchange announced that it had registered as a cryptocurrency service provider with De Nederlandsche Bank (DNB) after a thorough examination of Crypto.com’s business practices and compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.

As previously reported, the Dutch central bank has registered 36 cryptocurrency-related enterprises, including Coinbase Europe, eToro, and Bitstamp.

In an interview with Tobias Oudejans, the DNB’s press officer for supervision, fintech, cryptocurrencies, resolution, and payment systems.

it was revealed that the DNB could not comment on specific registrations due to legal constraints imposed by supervisory laws.

Oudejans clarified that the registration permits cryptocurrency service providers to provide cryptocurrency wallets to clients and process fiat currency on cryptocurrency exchanges.

The Netherlands had access to Crypto.com’s services before the registration announcement. Oudejans said that it is permissible for Dutch users to sign up for a service, but it would be illegal for an unregistered company to solicit or advertise its services to Dutch users.

Binance recently announced that it would abandon efforts to register as a cryptocurrency service provider in the Netherlands and cease operations in the country as it was unable to obtain DNB approval.