“We regret to announce that Binance is leaving the Dutch market. While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.”
Crypto exchange Binance announced its plans to withdraw from the Netherlands after an unsuccessful attempt at securing a VASP license from Dutch regulators.
According to Binance’s blog post, the firm explored several legal avenues to continue providing trading services to Dutch users. Unfortunately, the exchange was unable to receive a VASP license from the authorities, leading to its abrupt decision to pull out of the Dutch market.
Binance stated that its international platform will immediately cease accepting new Netherlands-based users. After August 17, the exchange will also remove trading and currency deposit facilities for Dutch clients.
The exchange said it will send emails detailing the impact of the changes to its Netherlands user base and encouraged the affected users to withdraw their assets from its platform.
Binance has come under increased scrutiny from regulators all around the globe after the SEC filed a lawsuit against the firm. Earlier this week, Binance claimed it will exit Cyprus after local regulators attempted to de-register the exchange’s license.
Hours ago, French investigators initiated an investigation into Binance on accusations of unlawful provision of digital asset services to clients.
Local media outlets reported that regulators have targeted the exchange for buying advertisements to promote its products before its eventual registration with the AMF in May 2022.
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Ayush Pande
Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.
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