It’s ‘goodbye’ in Dutch for Binance! The world’s leading crypto exchange is bidding adieu to the Netherlands. Unfortunately, the firm’s valiant efforts to obtain a virtual asset service provider (VASP) license from the Dutch watchdog have come up short.
The crypto giant has found itself unable to charm the Dutch regulators into granting a VASP license, which certifies adherence to anti-money laundering (AML) rules. As a result, Binance is packing its virtual bags and heading out of the Dutch market.
Beginning July 17, Dutch users will find themselves unable to do much more than withdraw their existing funds, as per a company announcement. Binance broke the news with a heartfelt message, stating, “We regret to announce that Binance is leaving the Dutch market,” adding that no new Dutch residents would be accepted into their user base. Existing Dutch patrons will, as of mid-July, be able to merely withdraw their assets, with no further transactions permitted.
In general, Europe has had a rather friendly approach towards crypto exchanges, particularly their anti-money laundering efforts. Binance enjoys AML compliance in countries such as France, Italy, Spain, Poland, Sweden, and Lithuania. Furthermore, the crypto bigwig announced its departure from Cyprus a couple of days ago, aiming to completely align with the new European Union rules on crypto-assets (MiCA).
Despite the setback, Binance remains hopeful, vowing to continue dialogues with the Dutch regulators. Meanwhile, the company is informing Dutch customers about the steps they need to take regarding their existing assets on the platform.