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CDS Crypto News Binance to Exit Dutch Market After Failing to Obtain Virtual Asset Service Provider License

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Binance to Exit Dutch Market After Failing to Obtain Virtual Asset Service Provider License

Binance, the world's largest cryptocurrency exchange, has made the decision to exit the Netherlands after its efforts to obtain a virtual asset service provider (VASP) license from the Dutch regulator proved unsuccessful. This license is a testament to a company's adherence to anti-money laundering (AML) guidelines.

Ecem ALKAN16/06/20231 Mins read889

Binance to Exit Dutch Market After Failing to Obtain Virtual Asset Service Provider License

Binance, the world’s largest cryptocurrency exchange, has made the decision to exit the Netherlands after its efforts to obtain a virtual asset service provider (VASP) license from the Dutch regulator proved unsuccessful. This license is a testament to a company’s adherence to anti-money laundering (AML) guidelines.

In a statement released by Binance, it was announced that as of July 17, Dutch residents will only be able to withdraw their funds from the platform. The exchange expressed regret over leaving the Dutch market and clarified that no new users residing in the Netherlands will be accepted, while existing Dutch resident users will be limited to asset withdrawals. The statement encouraged users to take the necessary steps to withdraw their assets from their accounts.

Binance To Exit Dutch Market After Failing To Obtain Virtual Asset Service Provider License

While European countries have generally been receptive to crypto exchanges and their AML efforts, Binance’s attempts to obtain a VASP license in the Netherlands were unsuccessful. It is worth noting that Binance is already AML compliant in countries such as France, Italy, Spain, Poland, Sweden, and Lithuania. Recently, the exchange also announced plans to leave Cyprus to focus on achieving full compliance with the new European Union rules on crypto-assets (MiCA).

Binance acknowledged its comprehensive registration application process as a virtual asset service provider with the Dutch regulator. Despite exploring various avenues to cater to Dutch residents in compliance with local regulations, Binance was unable to secure a VASP registration in the Netherlands at this time. However, the exchange expressed its commitment to continuing engagement with Dutch regulators.

Existing Dutch resident users will receive detailed information via email regarding the implications for their accounts and the necessary steps they need to take regarding their assets on the Binance platform.