Binance CEO says Netherlands remains “progressive” despite failure to secure critical license News โธ Netherlands โธ Binance โธ Exchanges
Binance CEO says Netherlands remains “progressive” despite failure to secure critical license
The embattled CEO is projecting a cool image on social media withdrawing his companies from another market.
2 min read
Updated: Jul. 6, 2023 at 3:32 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng ‘CZ’ Zhao said Netherlands’ posture towards crypto remains “pretty progressive” despite his exchange’s failed registration as a virtual asset service provider (VASP), according to a June 19 tweet.
CZ’s statement was in response to a user who criticized Netherlands’ Central Bank, De Nederlandsche Bank (DNB), for refusing to grant foreign entities licenses to operate in the country.
The original poster suggested that the regulator was “cherry picking” as it is “hard to believe that only Dutch companies are able to deliver what the DNB is asking for.”
In response, Zhao said:
“Don’t read too much into it. No beef. Binance is a large and complex platform. There are 50 simpler local VASP license holders. They should provide decent access for crypto, we hope. Netherland is still pretty progressive all things considered.”
Binance failed VASP registration
On June 16, Binance pulled out of the Dutch market after its inability to register as a VASP with the authorities.
Binance stated that the company’s application was unsuccessful in the Netherlands despite its compliance with EU standards in other countries, like France, Italy, Spain, Poland, Sweden, and Lithuania.
The exchange added that it “will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.”
In 2022, DNB fined Binance โฌ3.3 million for offering unlicensed crypto services to the country’s residents.
Netherlands crypto posture
Like most European countries, the Netherlands has adopted strict measures toward regulating the crypto industry.
The Dutch Authority for Financial Markets (AFM) chairman, Laura van Geest, previously stated that the country would ensure strict implementation of the EU’s Markets in Crypto Assets regulation (MiCA).
Geest added that they do not think crypto is “good news” because it is “difficult to fathom, vulnerable to deception, fraud, and manipulation.”
Meanwhile, crypto firms operating within the country must register with the DNB and strictly adhere to anti-money laundering and know-your-customer processes.
According to DNB’s public register, there are over 30 registered crypto service providers in operating in the Netherlands, including Coinbase, OKCoin Europe, eToro (Europe) Limited, and several other local firms.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
OKCoin
OKCoin is one of the worldโs first and largest regulated crypto exchanges, with millions of users in more than 100 countries around the world.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
