Binance exits Netherlands, asks users to withdraw assets.

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By Degen Lipsa

After the rigorous trials and the failure to comply with the Dutch regulations, Binance takes a leave from Dutch.

Crypto exchange giant Binance recently made an announcement stating that it will no longer provide its services to users in the Netherlands. This decision came after the company failed to obtain a license from Dutch regulators, prompting Binance to notify its Dutch customers about its departure from the country. Starting from July 17, existing users will only be able to use the withdrawal function on the platform, while further trades, deposits, and purchases will be disabled.

“While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.”

In their press release, Binance expressed disappointment at the necessity of this decision but emphasized their commitment to engaging in productive and transparent discussions with Dutch regulators. The company had been actively working towards obtaining a virtual asset service provider (VASP) license from the Dutch regulator and exploring alternative solutions to comply with the country’s regulatory policies. Despite their efforts, Binancewas unable to secure approval from Dutch authorities.

The Dutch central bank, De Nederlandsche Bank (DNB), had issued a warning against Binance in August 2021 and subsequently imposed a fine of $3.3 million in April 2022. The DNB claimed that Binance operated in the country without proper registration.

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Binance, however, highlighted its compliance with EU standards for preventing money laundering and terrorism financing. The company pointed to regulatory approvals it has received in other European countries, including Italy, France, Poland, Lithuania, Sweden, and Spain, as evidence of its commitment to meeting regulatory requirements. Binance expressed its continued dedication to obtaining the necessary authorizations to serve Dutch users.

Despite the setback in the Netherlands, Binanceremains a prominent player in the cryptocurrency exchange industry and will likely continue its efforts to comply with regulations in other jurisdictions while expanding its services to users in different parts of the world.

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