Binance closes its Dutch operations

Binance withdraws from Dutch market while theexchange has unsuccessful to obtain a crypto registration in the country.

This Friday, the number 1 cryptocurrency exchange, Binance, announced the closure of its services to Netherlands.

We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted,” the exchange wrote in a statement.

Dutch customers have until July 17, 2023 to withdraw their tokens from the platform. They will receive an e-mail with further details.

The CZ-led company has announced that this decision was the result of the failure to obtain of a registration as a virtual asset service provider with local regulators.

Although we have explored many alternative avenues to serve Dutch residents in accordance with Dutch regulations, this has unfortunately not resulted in a VASP registration in the Netherlands for the time being,” Binance explained, stating that the company would take the necessary steps to be able to serve Dutch users again.

Last summer, the central bank of the Netherlands had fined Binance 3.3 million euros for offering crypto services without registering in the country.

The crypto exchange, which is now being sued by the SEC in the United States, has crypto registrations in several European countries, including France. FranceSpain and Italy.

Earlier this week, it applied to deregister its subsidiary registered as a crypto service provider in Cyprus.

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