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Binance Exits the Dutch Market, Urges Users to Withdraw Assets

by BSC News

June 16, 2023

chain

Despite efforts to comply with Dutch regulations, Binance has been unable to secure registration as a virtual asset service provider with the Dutch regulator.

Binance Exits Netherlands

In a recent announcement, Binance, the leading global crypto exchange, has declared its departure from the Dutch market, citing regulatory challenges. As of now, new users residing in the Netherlands will no longer be accepted on the platform. 

Furthermore, starting from July 17, 2023, existing Dutch resident users will only have the ability to withdraw assets from their Binance accounts. All other functionalities such as purchases, trades, and deposits will be disabled.

Binance expressed its disappointment in not being able to secure registration as a virtual asset service provider (VASP) with the Dutch regulator. Despite extensive efforts to comply with Dutch regulations and cater to Dutch residents, the company's registration in the Netherlands has not materialized at this time. Nevertheless, Binance remains dedicated to seeking the necessary authorizations to offer its services to users in the Netherlands.

It is worth noting that Binance already adheres to the anti-money laundering and anti-terrorism financing standards set by the European Union. The company holds registrations in various EU countries, including France, Italy, Spain, Poland, Sweden, and Lithuania. Additionally, Binance is actively working to ensure full compliance with the new EU regulations on crypto-assets, known as MiCAR.

Existing users who are residents of the Netherlands will receive a detailed email outlining the implications for their accounts and any actions they need to take. Although Binance is disappointed by this development, it emphasizes its commitment to maintaining constructive and transparent communication with Dutch regulators.

Binance remains determined to navigate regulatory challenges while providing a secure and compliant platform for cryptocurrency enthusiasts worldwide.

What is Binance:

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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