In a significant development, Binance, a prominent cryptocurrency exchange, has made the decision to discontinue its services for users in the Netherlands. The company’s move comes after it was unable to obtain the necessary license from Dutch regulatory authorities.
Binance Informs Dutch Customers of Departure from the Netherlands. As per an official announcement, Binance has notified its Dutch users about the company’s decision to exit the Netherlands. Starting from July 17, existing customers will have limited access, restricted to the withdrawal function only. Trading, deposits, and purchases will be disabled.
In a press release, Binance expressed its disappointment over the need for such actions but reassured its commitment to maintaining productive and transparent communication with Dutch regulators.
Also Read: Binance Removes Multiple Altcoin Pairs from Margin Trading
In August 2021, the Dutch central bank De Nederlandsche (DNB) issued a warning against Binance and later imposed a fine of $3.3 million in April 2022. The DNB alleged that Binance had been operating in the country without the required registration.
In its recent announcement, Binance stated that it had been actively pursuing a virtual asset service provider (VASP) license from the Dutch regulator, while also exploring alternative solutions to ensure compliance with the country’s regulatory framework. Despite these efforts, Binance’s attempts to obtain approval from Dutch authorities proved unsuccessful.
Furthermore, Binance emphasized its adherence to EU standards in preventing money laundering and terrorism financing. The company pointed to its regulatory approvals in Italy, France, Poland, Lithuania, Sweden, and Spain as evidence of its ongoing compliance efforts. Binance reiterated its commitment to securing the necessary authorizations to resume servicing users in the Netherlands.
Also Read: Binance Launches Bitcoin Mining Subscription Services
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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