- Binance is exiting the Dutch market due to regulatory hurdles.
- The exchange will no longer accept new users from the Netherlands.
- Existing Dutch users can only withdraw their assets from the platform starting.
In a recent announcement, leading crypto exchange Binance revealed its decision to withdraw from the Dutch market. The company stated it would no longer accept new users residing in the Netherlands, effective immediately.
Furthermore, starting from July 17, 2023, existing Dutch resident users will only be able to withdraw their assets from the platform, with no further purchase, trade, or deposit options available to them.
Binance regretted this development, citing the inability to secure a virtual asset service provider (VASP) registration with the Dutch regulator. Despite efforts to find alternative ways to comply with Dutch regulations and continue serving Dutch residents, the exchange’s registration application did not meet the necessary requirements.
While Binance remains committed to obtaining the required authorizations to offer its products and services in the Netherlands, it reassured users that it is already compliant with EU standards for preventing money laundering and financing terrorism.
The exchange holds registrations in various EU countries, including France, Italy, Spain, Poland, Sweden, and Lithuania. Last October, Binance secured a Class 3 registration from Cyprus Securities and Exchange Commission, a country also based in Erupre.
Additionally, Binance highlighted its dedication to fully complying with the new EU crypto-asset regulations (MiCAR).
To ensure a smooth transition, Binance is actively emailing its existing Dutch resident users with information about the implications for their accounts and the steps they need to take.
Binance’s departure from the Dutch market underscores the challenges exchanges face in navigating regulatory frameworks. Last year, Binance entered the East Asian market after acquiring Sakura Exchange BitCoin (SEBC) based in Japan.
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