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Binance is leaving the Dutch market: Here’s when

Binance is leaving the Dutch market: Here’s when
© Copyright Image: Crypto Breaking News

Global cryptocurrency exchange Binance has terminated its services in the Netherlands, making an exit from the Dutch market after a bid to obtain a virtual asset service provider (VASP) license failed.

The termination of services is effective immediately, and no new customers from the Netherlands can open an account with the crypto exchange. From July 17 onwards, existing Dutch customers will only be able to withdraw assets from the Binance platform, and no further purchases, trades or deposits will be possible from today.

Binance claimed it explored many alternative avenues to serve Dutch residents in compliance with local regulations. However, no such avenues offered a path to VASP registration.

The crypto exchange is currently sending out emails to its Dutch customers with comprehensive information about the next steps they need to take with their Binance accounts.

In April 2022, the crypto exchange was slapped with an administrative fine of over $3 million for operating in the country without the required license and registration. At the time, the Dutch central bank claimed that Binance had a large customer base in the country and a significant daily trading volume running into billions, thus the hefty penalty.

Related: The state of crypto in Southern Europe: Malta leads the way

The crypto exchange stressed in its announcement that it is compliant with European Union standards on preventing money laundering and financing of terrorism rules. Binance cited its registration in EU countries such as France, Italy, Spain, Poland, Sweden and Lithuania to showcase its EU compliance.

Binane’s departure from the Dutch market comes within days of its exit plans from Cyprus surfacing. On June 14, the Cyprus Securities and Exchange Commission put Binance Cyprus “under examination for application for deregistration” on its website. At the time, Binance told Cointelegraph that it is focused on fully complying with the new Markets in Crypto-Assets (MiCA) regulations in the next 18 months and is therefore concentrated on the larger EU market.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

Source: Cointelegraph.com

The post Binance is leaving the Dutch market: Here’s when appeared first on Crypto Breaking News.

Read more: https://www.cryptobreaking.com/binance-is-leaving-the-dutch-market-heres-when/

Text source: Crypto Breaking News

Disclaimer: Financial information and news are not financial advice, read the disclaimer.
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