Binance, the world’s leading cryptocurrency exchange, has announced its immediate departure from the Dutch market after failing to secure regulatory approval.
As a result, Binance will no longer accept new users residing in the Netherlands, and starting from 17 July, existing Dutch users will only be able to withdraw their assets from the platform, with all other transactions prohibited, including purchases, trades, and deposits.
In a statement, Binance assured existing Dutch resident users that they will receive an email containing comprehensive information about the implications for their accounts and any assets currently held on the platform. The email will also outline the necessary steps that need to be taken.
Binance stated that it had been actively engaged in the registration application process as a virtual asset service provider (VASP) with the Dutch regulatory authorities.
Despite exploring various solutions to comply with the regulations and continue serving Dutch residents, Binance was unable to obtain the required VASP registration in the country.