Binance Exits Dutch Market Due to Regulatory Hurdles
In a recent announcement, Binance, the leading global cryptocurrency exchange, revealed its decision to exit the Dutch market after facing regulatory hurdles. The exchange failed to secure approval from Dutch authorities, prompting immediate action.
As a result, Binance will no longer accept new users residing in the Netherlands. Existing Dutch users, starting from July 17, will have limited functionality, limited to asset withdrawals only. The platform will no longer facilitate purchases, trades, or deposits for these users, as outlined in an official statement.
Binance emphasized that it would provide comprehensive information to its existing Dutch resident users via email, explaining the implications for their accounts and any assets held on the platform. Additionally, the email will outline the necessary steps users need to take moving forward.
The cryptocurrency exchange had been actively engaged in a thorough registration application process with the Dutch regulator as a virtual asset service provider (VASP). Despite exploring various strategies to comply with regulations and continue servicing Dutch residents, Binance faced obstacles in obtaining a VASP registration in the country.
Binance clarified that it already adheres to EU standards for anti-money laundering and counter-terrorism financing in other European countries where it holds registrations. These countries include France, Italy, Spain, Poland, Sweden, and Lithuania. Furthermore, Binance expressed its commitment to achieving full compliance with the new EU crypto-assets regulations (MiCA).
While Binance’s withdrawal from the Dutch market is in effect, the exchange affirmed its determination to obtain the necessary authorizations to resume providing products and services to users in the Netherlands. The company remains committed to navigating the evolving regulatory landscape and meeting the requirements of the industry.
