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Binance leaves the Dutch market
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Jun 19, 2023

Binance leaves the Dutch market

Crypto Flash News 1 Total views No comments
Binance leaves the Dutch market
Binance leaves the Dutch market

Binance leaves the Dutch market

On June 16, Binance announced that it was leaving the Dutch market as it faced difficulties registering locally as a virtual asset service provider.

“Although we have explored many alternative ways to serve Dutch residents in accordance with local regulations, unfortunately this has not resulted in registration in the Netherlands. Binance will continue to seek permission to provide products and services to users in the Netherlands,” the post reads.

Lack of registration threatens the company with significant fines. In the summer of 2022, the Central Bank of the Netherlands already fined Binance €3.325 million, accusing it of illegally providing cryptocurrency services.

According to a June 16 announcement, Binance immediately stopped registering new users from the Netherlands. From July 17, existing clients of the exchange will only be able to withdraw funds from the platform, replenishment and trading will become unavailable for them.

The exchange announced its withdrawal from the Netherlands just a few days after a similar move in Cyprus.

“We are working hard to prepare our business to be fully compliant with the MiCA (European regulation on cryptocurrencies) when they go into effect in the next 18 months. To this end, we have made the decision to scale down efforts in Cyprus to focus on fewer regulated entities in the EU, especially in the larger markets where we have been active for a long time, including France, Italy and Spain,” a spokesperson for the company said.

The Binance announcement states that the exchange is also registered in other EU countries: Poland, Sweden, and Lithuania.

In early May, Binance announced its withdrawal from the Canadian market. The leading crypto platform claims that the new rules that prevent exchange customers from buying or depositing stablecoins without prior approval from the regulator are not suitable for its business.

Source: bitcoinlinux.com

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