Binance withdraws from Netherlands following VASP license snub

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

According to a notice published by the company, the company had failed to secure registration as a virtual asset service provider (VASP) – despite exploring “many alternative avenues” with Dutch regulators.

Binance to leave the Dutch Market

As reported by Binance, no new users residing in the Netherlands will be accepted from now on.

Starting from July 17, 2023, existing Dutch resident users will only be able to withdraw assets from the Binance platform.

No further purchases, trades, or deposits will be possible for Dutch residents, leaving them with limited options in the cryptocurrency market.

The firm encouraged existing users to remove their balances.

Binance’s Struggles with Compliance in the Netherlands

Binance said it had been striving to obtain approval for its products and services in the Netherlands.

However, despite being compliant with EU standards in other countries, such as France, Italy, Spain, Poland, Sweden, and Lithuania, the company was unsuccessful in the Netherlands.

This raises questions about the future of crypto exchanges operating within the EU, particularly as the new EU rules on crypto-assets (MiCA) are set to take effect.

The company said it will continue engaging “productively and transparently” with Dutch regulators.

Mentioned in this article

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Author

Samuel Wan

Analyst at CryptoSlate

Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.

@WanSamuel Email Samuel

Editor

Liam 'Akiba' Wright

Editor-in-Chief at CryptoSlate

Also known as "Akiba," Liam Wright is the Editor-in-Chief at CryptoSlate and host of the SlateCast. He believes that decentralized technology has the potential to make widespread positive change.

@akibablade LinkedIn Email Editor

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