- Binance exits Dutch market citing regulatory hurdles.
- The trade will cease accepting new customers from the Netherlands.
- Current Dutch customers can solely withdraw their property from the platform at launch.
In a latest announcement, main cryptocurrency trade Binance introduced its resolution to exit the Dutch market. The corporate introduced that it’s going to cease accepting new customers residing within the Netherlands with speedy impact.
Moreover, from 17 July 2023, current customers residing within the Netherlands will solely be capable of withdraw property from the platform and no additional shopping for, buying and selling or depositing choices will likely be obtainable.
Binance regretted the transfer, citing its failure to safe registration of its digital asset service supplier (VASP) with the Dutch regulator. Regardless of efforts to adjust to Dutch rules and discover alternative routes to proceed serving Dutch residents, the trade’s registration software didn’t meet the mandatory necessities.
Whereas Binance continues to attempt to acquire the mandatory licenses to supply its services and products within the Netherlands, it reassured customers that it already complies with EU requirements on anti-money laundering and anti-terrorist financing.
The trade has registrations in numerous EU nations together with France, Italy, Spain, Poland, Sweden and Lithuania. Final October, Binance secured Class 3 registration from the Cyprus Securities and Change Fee, which can also be based mostly in Erpre.
Moreover, Binance emphasised its dedication to being totally compliant with the EU’s new cryptocurrency regulation (MiCAR).
To make sure a clean transition, Binance is proactively emailing current customers residing within the Netherlands with details about the impression on their account and steps to take.
Binance’s withdrawal from the Dutch market highlights the challenges exchanges face in navigating the regulatory framework. Final yr, Binance entered the East Asian market after buying Japan-based Sakura Change Bitcoin (SEBC).