Binance Exits Another Country Netherlands Amid Legal Uncertainty In US

[Sophie Robert]

The largest cryptocurrency exchange, Binance, said on Friday that it will cease operations in the Dutch market immediately. It used the inability to register as a VASP with the Dutch regulator as justification for leaving the nation.

Binance Is Losing Ground, Right?

According to Binance, the cryptocurrency exchange will no longer accept any new users from the Netherlands as of right away. However, as of July 17, 2023, existing Dutch customers will be able to remove their assets from the platform but no new purchases or transactions would be allowed.

Unsuccessful VASP License Bid

Binance noted that in order to obtain a virtual asset service provider (VASP) licence from the authority, it had to go through a protracted registration process. The exchange even made an effort to investigate various entry points into the nation. It was unable to register in the interim.

Binance’s Commitment to Compliance

Despite these challenges, Binance remains committed to its Dutch users and plans to continue its dialogue with Dutch regulators. The company has stated that it will continue to explore ways to achieve compliance and regulatory approval in the Netherlands.

Stay tuned here for all the Binanace news and how will it tackle with SEC.