- Binance exits the Dutch market after failing to secure a regulatory license.
- Dutch users urged to withdraw assets as Binance departs the Netherlands
Binance, the world’s largest cryptocurrency exchange, is withdrawing from the Netherlands following its unsuccessful attempt to obtain a virtual asset service provider (VASP) license from the Dutch regulator. The license would have certified it’s compliance with anti-money laundering (AML) guidelines.
Starting from July 17, 2023, Dutch residents will only be able to withdraw their funds from the platform. There will be no further trading, deposits, or purchases permitted.
Europe has generally embraced cryptocurrency exchanges and their AML efforts. But Binance‘s application process in the Netherlands did not result in the desired license. The exchange remains AML-compliant in several other European countries, including France, Italy, Spain, Poland, Sweden, and Lithuania. Binance recently announced plans to leave Cyprus in order to focus on achieving full compliance with the new European Union crypto-assets regulations (MiCA).
Binance expressed its disappointment at leaving the Dutch market. And assured existing Dutch users that they will receive detailed information about their accounts and the necessary steps to be taken. The exchange intends to continue engaging with Dutch regulators in hopes of finding a future resolution.
