The fine comes nearly a year after De Nederlandsche Bank (DNB) publicly warned Binance that any firm that wants to offer crypto services in the Netherlands has to register under the Money Laundering and Terrorist Financing Act.

The fine was increased from a basic amount of EUR2 million because Binance has a "very large number of customers" in the Netherlands and the violations took place over a long period of time.

However, the fine was moderated by five per cent because Binance has now applied for registration and has been "relatively transparent" about its business operations throughout the process.

Binance has gotten into hot water with regulators across the world concerned about its money laundering controls, prompting a vow from the firm to centralise its business structure to address concerns about a lack of systemic transparency.