Binance exits the Dutch market with immediate effect – reason for lack of VASP license


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.

Comparing the level of crypto investment from Europeans

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news


XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive $2.7 million…

Solana and Avalanche on the eye of investment funds

Two alternative coins, Solana (SOL) and Avalanche (AVAX), are gaining increasing interest and are successively attracting the attention of investment funds. Although bitcoin (BTC) remains the main…
All articles loaded
No more articles to load


Cryptocurrency wallets

Cryptocurrency wallets

We talked about security when trading crypto assets in an article titled “Online security“. We also mentioned how important it…
hardware wallets

Cryptocurrency hardware wallets

From the article titled “Cryptocurrency wallets” you learned about the different types of wallets. They were briefly characterized there. Let’s…
Where to buy cryptocurrency brokers

Which cryptocurrency Brokers to use

In the article “Where to Buy Cryptocurrencies (Exchanges)“, we introduced you to which exchange platforms you can purchase cryptocurrencies on.…
Trading cryptocurrencies

Trading cryptocurrency

In the cryptocurrency market, you face many opportunities to invest in cryptocurrency or buy or sell cryptocurrency. If you want…
All articles loaded
No more articles to load


All articles loaded
No more articles to load

Latest news

All articles loaded
No more articles to load