Rotterdam court ruled on Thursday that the Dutch Central Bank (DNB) had overstepped its powers by imposing $2.3 million in fees on Dutch cryptocurrency entities Bitvavo and Coinmerce. The court found that these charges for money-laundering registration contradicted European Union anti-money laundering laws.
The ruling, however, does not affect the costs incurred by these companies in 2020, and a separate lawsuit regarding the fees for 2022 is still ongoing. Despite the court's decision, the legislation remains in line with good governance norms, ensuring that these firms continue to be supervised.
The DNB's strict stance on cryptocurrency businesses has previously led to substantial fines for Coinbase (NASDAQ:COIN) and Binance. The severity of these regulations has also prompted crypto exchange Gemini to leave the Dutch market.
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