The Cryptocurrency’s largest centralised exchange in terms of market cap, Binance has announced it has stopped operation in Netherlands.
This was made know in press statement released by the company via social media.
“We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted. ” Binance said.
Binance stated that starting from 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2), existing Dutch resident users will only be able to withdraw assets from the Binance platform.
“No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.
“Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator.
“Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.
“Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.
“Binance is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania. ” Binance added.
Binance reiterates its commitment to continue working collaboratively with regulators around the world and are additionally focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets (MiCAR).
The centralised Crypto Exchange said existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take.
While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.
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