Binance quits the Dutch market, users asked to withdraw their funds

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Binance said that it was quitting operations in the Dutch market. The statement was contained in a release by the company on Friday, June 16, 2023. According to it, residents of the country can commence the withdrawal of their funds as no new deposits will be received from the Netherlands.

It emphasized that only withdrawals are enabled for the residents of the country with effect from Saturday, June 17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2).

Inability to acquire a VASP license

On the reason for the decision, Binance said that it was unable to acquire a license as a virtual asset service provider (VASP) in the country.

“Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator. Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time. Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands,” the report said.

Working towards full compliance with the EU crypto regulation

The company said that it has fulfilled various requirements that show that it complies with the anti-money laundering and anti-terrorism financing protocols in several European countries, as evinced by its registration as an operator in these countries. It added that it is working towards full compliance with the European regulation on digital assets (MiCAR).

To continue to engage transparently with Dutch regulators

The company said that it will continue its talks with the Dutch regulators, but in the meantime, Dutch users are being communicated with, especially those that have digital assets at the exchange. The essence is to guide them through the steps to comply with the directives of the exchange.

“Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take. While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators,” the release said.

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.