Binance, one of the world’s leading cryptocurrency exchanges, has recently announced its decision to exit the Dutch market.
In a notice released by the company, it was revealed that Binance was unable to secure registration as a virtual asset service provider (VASP) despite exploring various alternatives with Dutch regulators.
Binance has stated that it will no longer accept new users residing in the Netherlands. Beginning on July 17, 2023, existing Dutch resident users will only have the option to withdraw their assets from the Binance platform. This means that Dutch residents will have limited options in the cryptocurrency market, as they will be unable to make further purchases, trades, or deposits through Binance. The company strongly advised existing users to withdraw their balances.
Binance has expressed its commitment to obtaining approval for its products and services in the Netherlands. While the company has successfully complied with EU standards in other countries, such as France, Italy, Spain, Poland, Sweden, and Lithuania, it has faced difficulties in the Netherlands. This raises concerns about the future of cryptocurrency exchanges operating within the European Union, particularly with the impending implementation of the new EU rules on crypto-assets (MiCA).
Binance has assured that it will continue engaging with Dutch regulators in a productive and transparent manner to address compliance concerns.
