Binance, a leading cryptocurrency exchange, has announced its decision to leave the Dutch market, preventing new users from registering accounts. Existing Dutch residents will only be able to withdraw their assets from the platform, as all other activities such as purchases, trades, and deposits will be discontinued starting from July 17, 2023.
Binance expressed regret over the need to exit the Dutch market and informed its users that the decision was a result of the company’s inability to obtain a Virtual Asset Service Provider (VASP) registration from the Dutch regulator. Binance had been actively engaged in a comprehensive registration application process but unfortunately was unable to meet the necessary requirements within the given timeframe.
Binance expressed its dedication to actively engage with regulators worldwide, with a focus on achieving full compliance with the new EU rules on crypto-assets, known as MiCAR. The company aims to ensure that its products and services are in alignment with the evolving regulatory landscape surrounding digital assets.
Impact on Existing Dutch Users and Withdrawal Process
Existing Dutch resident users of Binance will receive a detailed email explaining the implications of the company’s departure from the Dutch market. The email will provide comprehensive information regarding their accounts and the necessary steps they need to take. Binance encourages users to promptly withdraw their assets from the platform in light of the upcoming changes.