Binance Withdraws From The Netherlands After License Denial

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  • Binance has pulled out of the Dutch market after failing to safe a regulatory license.
  • Dutch customers urged to withdraw belongings as Binance pulls out of the Netherlands

Binance, the world’s largest cryptocurrency trade, is exiting the Netherlands following a failed try and receive a digital asset service supplier (VASP) license from Dutch regulators. This license will show compliance with anti-money laundering (AML) tips.

From 17 July 2023, residents of the Netherlands can solely withdraw funds from the platform. No future transactions, deposits or purchases are allowed.

Europe is usually open to cryptocurrency exchanges and their AML efforts. Nonetheless, Binance’s software course of within the Netherlands didn’t yield the specified license. The trade continues to be AML compliant in different European nations together with France, Italy, Spain, Poland, Sweden and Lithuania. Binance lately introduced plans to depart Cyprus to concentrate on reaching full compliance with the European Union’s new Crypto Asset Regulation (MiCA).

Binance has expressed disappointment with its withdrawal from the Dutch market. We additionally ensured that present customers within the Netherlands would obtain detailed details about their accounts and the mandatory steps. The trade will proceed to work with the Dutch regulator in hopes of discovering an answer sooner or later.

See also  Binance Govt’s lawyer questions EFCC’s failure to submit proof

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