Binance leaves Netherlands
Binance, the cryptocurrency’s largest centralised exchange by market valuation, has announced that it would cease operations in the Netherlands.
This was revealed in a news release distributed over social media by the corporation.
Binance indicated that existing Dutch resident customers would only be able to withdraw assets from the Binance platform from 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2).
“We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted. ” Binance said.
“No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.
“Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator.
“Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.
“Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.
“Binance is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania. ” Binance added.
Binance reiterates its commitment to continuing to collaborate with regulators throughout the world, and we are also focusing on preparing our company to be fully compliant with the new EU crypto-asset legislation (MiCAR).
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According to the Centralized Crypto Exchange, existing Dutch resident customers will get an email with detailed information on what this entails for their accounts and whatever assets they presently hold.
While Binance is sad that this has been necessary, it will continue to work with Dutch regulators in a productive and open manner.
