Global cryptocurrency exchange Binance exits Dutch market
Global cryptocurrency exchange Binance has announced the termination of its services in the Netherlands. This decision comes after the exchange’s unsuccessful attempt to obtain a virtual asset service provider (VASP) license, resulting in their exit from the Dutch market.
Immediate termination of services
The termination of services is effective immediately. As a result, new customers from the Netherlands will no longer be able to open accounts with Binance. Existing Dutch customers, starting from July 17, will only have the option to withdraw their assets from the Binance platform. Purchases, trades, and deposits will no longer be possible.
Pursuit of compliance with Dutch regulations
Binance expressed its efforts to comply with Dutch regulations and explored various alternative avenues to serve the Dutch residents. However, none of these options provided a pathway to obtain the required VASP registration.
Communication with Dutch customers
Binance is actively reaching out to its Dutch customers through email, providing them with comprehensive information about the next steps they need to take regarding their Binance accounts.
Previous regulatory fine
In April 2022, Binance faced an administrative fine of over $3 million for operating in the Netherlands without the necessary license and registration. The Dutch central bank imposed this substantial penalty due to Binance’s large customer base in the country and significant daily trading volume, which amounted to billions.
Commitment to compliance with EU standards
Binance emphasized its compliance with the European Union standards regarding the prevention of money laundering and the financing of terrorism. The exchange highlighted its registration in several EU countries, including France, Italy, Spain, Poland, Sweden, and Lithuania, as evidence of its dedication to EU compliance.
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