Crypto.com gains Netherlands approval after Binance exit

Crypto.com announced connected July 28 it has secured registration support from De Nederlandsche Bank (DNB) to supply crypto services successful the Netherlands.

This support follows Binance’s unsuccessful effort to unafraid a akin licence earlier this year, with Dutch investors advised to determination funds earlier July 17.

Crypto.com granted registration.

The granted registration, which came aft an valuation of Crypto.com’s adherence to the Netherlands’ Money Laundering and Terrorist Financing Prevention Act, whitethorn trigger discussions astir its imaginable to reshape the crypto marketplace scenery successful the Netherlands.

Crypto.com CEO Kris Marszalek said,

“Crypto.com’s collaboration with regulators is important to responsibly advancing the crypto and blockchain industry.”

He further emphasized that the DNB’s support is simply a important milestone and reaffirms its committedness to compliance.

The confirmation of registration with the DNB continues Crypto.com’s inclination of gaining regulatory momentum globally. The institution has won a slew of licenses and registrations, including a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore and a Digital Asset Service Provider (DASP) registration from France’s Autorité des marchés financiers (AMF), contributing to its planetary credibility.

Binance withdrawals from the country.

Interestingly, this improvement comes conscionable months aft Binance, a starring crypto exchange, announced its withdrawal from the Dutch market owed to its nonaccomplishment to unafraid registration arsenic a virtual plus work supplier (VASP).

Despite Binance’s compliance with EU standards successful France, Italy, Spain, Poland, Sweden, and Lithuania, the institution failed to conscionable the regulatory requirements successful the Netherlands, arsenic reported successful June 2023.

Notably, the Netherlands ranks arsenic the astir crypto-curious European country according to Dua Crypto’s European Crypto Index. Over 2 cardinal hunt queries uncover a important involvement successful cryptocurrencies among the Dutch population. The support of Crypto.com’s registration tin supply an alternate level for Dutch residents seeking to prosecute successful the crypto marketplace pursuing Binance’s departure.

Dutch regulatory landscape

However, the Dutch regulatory situation remains analyzable arsenic the DNB exercises regulatory supervision implicit crypto work providers, with compliance requirements centered astir the Anti-Money Laundering and Anti-Terrorist Financing Act and the Sanctions Act.

However, Crypto.com’s Dutch trading entity, Foris DAX Global Limited, is not taxable to “prudential supervision by the DNB,” meaning that fiscal and operational risks concerning crypto services are not monitored, and determination is nary circumstantial fiscal user protection.

While the regulatory scenery successful the Netherlands remains challenging, the support of Crypto.com’s registration signals a imaginable shift.

The station Crypto.com gains Netherlands support aft Binance exit appeared archetypal connected CryptoSlate.