Binance Withdraws from the Netherlands: Major Cryptocurrency Exchange Exits Market
Binance Withdraws from Dutch Market, Existing Users Advised to Withdraw Their Assets
In a recent statement, Binance announced its withdrawal from the Dutch market, stating that no new users residing in the Netherlands will be accepted. The company also highlighted that existing users registered in the Netherlands will only be allowed to withdraw their investments starting from 00:00 on June 17. Therefore, users were strongly advised to withdraw their assets from Binance as soon as possible.
The statement revealed that Binance had been undergoing an extensive registration process as a crypto-asset service provider with the Dutch regulator. Despite the company’s efforts to serve customers in accordance with Dutch regulations, it was unable to register as a crypto-assets service provider. However, Binance expressed its commitment to continue making every effort to obtain the necessary permits.
Furthermore, Binance emphasized its compliance with the European Union’s (EU) standards on anti-money-laundering and counter-terrorism financing, pointing out that it is registered in numerous EU member states. The company stated its alignment with the newly adopted Cryptocurrency Markets Regulation (MiCAR) of the EU, showing its determination to fulfill the required obligations.
Binance expressed disappointment regarding the need to withdraw from the Dutch market but assured its willingness to engage with Dutch regulators in a constructive and transparent manner. The company intends to maintain a positive relationship while working towards a resolution within the regulatory framework.
The statement also mentioned that Binance would send a comprehensive email to other users located in the Netherlands, providing detailed information on how their accounts will be affected by this decision.
It is worth noting that the Dutch Central Bank (DNB) imposed a fine of 3,325,000 euros on Binance in 2022. The fine was imposed due to Binance allowing transactions to be conducted without completing the necessary registrations.
As Binance withdrawals from the Dutch market, the future implications for both the company and its users remain uncertain. However, Binance’s commitment to compliance and willingness to cooperate with regulators offer hope for a resolution that benefits all parties involved.
