Binance has been fined by the Dutch central bank for providing crypto services in the Netherlands without the required registration — but the world’s largest digital asset exchange doesn’t see the fine as a black mark on its European push.

De Nederlandsche Bank said on 18 July that it passed down a €3.3m fine to Binance in April 2022. The fine came as a result of the exchange’s failure to register as a crypto service provider under the central bank’s anti-money laundering and terrorism financing prevention framework—a requirement that has been in place since May 2020.