Binance, the world's leading cryptocurrency exchange, has announced it is leaving the Dutch market with immediate effect after failing to receive regulatory approval.
Binance will no longer accept new users who reside in the Netherlands and from July 17, existing Dutch users will only be able to withdraw assets from the platform, with no further purchases, trades or deposits permitted, according to a statement.
“Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take,” Binance said in the statement.
Binance said it had been engaged in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator. Despite exploring various options to comply with the regulations and continue serving Dutch residents, Binance was unable to obtain a VASP registration in the country.
Binance said it is already compliant with EU standards for anti-money laundering and counter-terrorism financing in other EU countries where it holds registrations, including France, Italy, Spain, Poland, Sweden and Lithuania. Binance also said it is actively preparing to ensure full compliance with the new EU rules on crypto-assets (MiCA).
Binance said it would “continue striving to obtain authorizations to provide our products and services to users in the Netherlands.”
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.