The Dutch central bank has fined what it said is the world’s biggest crypto currency trading platform €3.32 million for operating in the Netherlands without formal registration.

The fine was issued to trading firm Binance in April but has only just been made public. The company has appealed.

Companies which trade in crypto currency have been required to register since May 2020 under legislation aimed at stopping money laundering and the financing of terrorism. Crypto services carry a high risk of this, the bank said in a statement.

By failing to register, the company has also benefited from lower costs because it has not had to pay central bank and other charges, unlike its competitors, the central bank said. Crypto currency firms are also required to formally verify the identity of all their clients.

Binance has since submitted a request for registration, but that has not yet been approved. However, the central bank said it had lowered the fine it had originally planned to impose by 5% because the company has ‘been relatively transparent about its operations throughout the process’.