Binance withdraws from Netherlands following VASP license snub

Binance, 1 of the world’s largest cryptocurrency exchanges, has precocious announced its departure from the Dutch market.

According to a notice published by the company, the institution had failed to unafraid registration arsenic a virtual plus work supplier (VASP) – contempt exploring “many alternative avenues” with Dutch regulators.

Binance to permission the Dutch Market

As reported by Binance, nary caller users residing successful the Netherlands volition beryllium accepted from present on.

Starting from July 17, 2023, existing Dutch nonmigratory users volition lone beryllium capable to retreat assets from the Binance platform.

No further purchases, trades, oregon deposits volition beryllium imaginable for Dutch residents, leaving them with constricted options successful the cryptocurrency market.

The steadfast encouraged existing users to region their balances.

Binance’s Struggles with Compliance successful the Netherlands

Binance said it had been striving to get support for its products and services successful the Netherlands.

However, contempt being compliant with EU standards successful different countries, specified arsenic France, Italy, Spain, Poland, Sweden, and Lithuania, the institution was unsuccessful successful the Netherlands.

This raises questions astir the aboriginal of crypto exchanges operating wrong the EU, peculiarly arsenic the caller EU rules connected crypto-assets (MiCA) are acceptable to instrumentality effect.

The institution said it volition proceed engaging “productively and transparently” with Dutch regulators.

The station Binance withdraws from Netherlands pursuing VASP licence snub appeared archetypal connected CryptoSlate.