The renowned global cryptocurrency exchange, Binance, has recently made the decision to cease its operations in the Netherlands. This marks the company’s exit from the Dutch market following an unsuccessful attempt to acquire a virtual asset service provider (VASP) license.
With immediate effects, Binance has announced the termination of its services, preventing new customers from the Netherlands from opening accounting on the platform.
Existing Dutch customers will only have the option to withdraw their assets from the Binance platform starting from July 17. Furthermore, as of today, all purchases, trades, and deposits for Dutch customers will no longer be available.
In its efforts to cater to Dutch residents in accordance with local regulations, Binance stated that it thoroughly explored numerous alternative options. Regrettably, despite these extensive explorations, no viable avenues were found that would enable the company to proceed with VASP registration as required.
Email notifications are being sent by the crypto exchange to its Dutch customers, providing them with detailed instructions regarding the necessary actions they must take concerning their Binance accounts.
In a similar sequence of events, following its impending exit from Cyprus, Binance has now announced its departure from the Dutch market. Binance’s move comes as the Cyprus Securities and Exchange Commission has placed Binance Cyprus under scrutiny regarding its deregistration application. Binance remains committed to ensuring full compliance with new Markets in Crypto-Assets (MiCA) regulations within the next 18 months, with a particular focus on the broader EU market.
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