Surprising news has been shared by the world’s largest cryptocurrency exchange. Its representatives, via Twitter, announced that they have been forced to leave the Dutch market with immediate effect. What does this mean for local users?
What’s next for Dutch Binance users?
On Friday, June 16, Binance’s official Twitter account made an important announcement. It shows that the platform, due to its failure to obtain a VASP license, has been forced to leave the Dutch market immediately. More information is posted on the exchange’s official website. Among other things, we read there:
“We regret to inform you that Binance is leaving the Dutch market. With immediate effect, no new users living in the Netherlands will be accepted. As of 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2), current Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchases, transactions or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”
Binance’s next steps
Binance, a leading global cryptocurrency trading platform, has taken significant steps to bring its operations into compliance with European anti-money laundering and counter-terrorist financing standards. The company is now already compliant with the European Union’s requirements in this area, as evidenced by its registrations in various EU member states such as France, Italy, Spain, Poland, Sweden and Lithuania.
The initiative is part of a broader process of Binance’s compliance with new European regulations on crypto-assets, known as MiCA. The company is focused on working with regulators around the world to ensure full compliance with their guidelines. With the introduction of MiCA, Binance plans to adjust its operations and procedures to meet EU cryptocurrency guidelines.
According to the platform’s representatives, although the VASP license for operations in the Netherlands has not been obtained, this does not change the fact that further steps will be taken so that Binance can boast of it in the future, however. In the meantime, all local users of the exchange will receive comprehensive information via email, indicating what further steps they are forced to take.
Netherlands a significant crypto market on the map of Europe
The well-known data analyst Gilbert Fontana has made an interesting study, which he decided to present in an easy-to-read infographic. It illustrates the investment interest of citizens of European Union countries. At the same time, it is a breakdown of traditional markets in relation to the crypto market. It shows that as many as 12% of Dutch citizens invest their funds in the cryptocurrency sector. This puts the Netherlands ex aequo in 6th place among other countries in the region. For Binance, therefore, this is a serious loss.