Dutch Central Bank Fines Binance $3.3 Million, Bitcoin Rises

The Dutch central bank had slapped crypto exchange Binance with a fine of $3.35 million in April 2022, the Dutch central bank has said.

Binance was providing services to Dutch nationals without having undergone through the proper registration process, which led to the imposition of the penalties. While estimating the quantum of the fine, the De Nederlandsche Bank (DNB) used its General Fine Setting Policy. Due to the high volume of customers Binance has in the Netherlands, additional fees were also levied.

Binance has often been criticised for operating without the necessary permissions. 

In the US, the Securities and Exchange Commission (SEC) is looking into the exchange. The Philippines’ Department of Trade and Industry (DTI) had received a letter from Binance asking for providing services within the nation even though it did not have the appropriate registration. Now though, Binance has applied for the appropriate licenses to keep running.
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In other news, Blockchain-based start-up STAN has announced entering into a strategic partnership for non-fungible tokens (NFTs) with three of India’s leading Battlegrounds Mobile India (BGMI) pro teams – OR, iNSANE and Blind. STAN is a digital collectibles and/or mutable NFT platform

As part of these collaborations, STAN, along with each of these BGMI teams, will additionally organise fan meet-ups and other types of grand media and social engagement. 

Both OR and Blind have named STAN as their official NFT and digital collectibles partner. iNSANE has partnered with STAN for gaming and eSports enthusiasts. 

iNSANE fans will get a chance to collect, play, and trade the NFT collectibles of their favourite eSports players and content creators, through which they will win various perks and rewards. 

STAN has already inked partnerships with several leading Battlegrounds Mobile India (BGMI) athletes and creators within India, and plans to partner with more popular gaming creators and organisations.

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 3.28 per cent in the last 24 hours, and it was trading at $22036.95 at 5: 15 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 41.70 per cent, down by 0.31 per cent in the last 24 hours.

Ethereum (ETH) was trading at $1,475.23, up by 8.87 per cent, while Binance Coin (BNB) was up by 3.15 per cent in the last 24 hours, and it was trading at $260.90. Solana (SOL) was up by 5.14 per cent to $41.61, while Cardano (ADA) was up by 7.54 per cent to $0.4871.

Meme Coins

Dogecoin was trading at $0.06649 at 5:15 pm IST, up by 3.63 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was up by 2.09 per cent, and it was trading at $0.00001129. Samoyedcoin was up by 5.25 per cent, and it was trading at $0.01085, while Dogelon Mars was up by 2.92 per cent, and it was trading at $0.0000003323.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.01 trillion, an increase of 4.19 per cent in the last 24 hours, while the total crypto market volume was $80.90 billion, an increase of 14.31 per cent.