- Binance, failed in its attempts to obtain a Virtual Asset Service Provider (VASP) license.
- The cryptocurrency exchange will no longer accept new users residing in the country.
- The exchange added that it will “continue to work” to obtain authorizations to provide products and services to users in the country.
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Binance has decided to leave the country as it was unable to obtain a VASP license in the European country and has announced that citizens of the country can no longer register.
Binance Decides to Leave the Netherlands!
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Binance failed in its attempts to obtain a Virtual Asset Service Provider (VASP) license and has decided to leave the Netherlands. The cryptocurrency exchange will no longer accept new users residing in the country. Additionally, it is sending emails to existing users containing information about their accounts and current assets on the platform.
The company added that trading in the Netherlands will be halted starting from July 17th, and existing users will only have the option to withdraw funds from the platform.
“Binance applied for comprehensive registration as a Virtual Asset Service Provider (VASP) with the Dutch regulator. Despite exploring many alternative ways to serve residents of the Netherlands in compliance with Dutch regulations, unfortunately, this has not allowed us to obtain a VASP registration in the Netherlands at this time.”
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The exchange added that it will “continue to work” to obtain authorizations to provide products and services to Dutch users.
Furthermore, Binance claims to already be “compliant with EU standards for anti-money laundering and counter-terrorism financing” and states that this has been proven with registrations obtained in other European countries such as France, Italy, Spain, Poland, Sweden, and Lithuania.
Previous Warnings from Dutch Regulators
Last year, the Dutch Central Bank fined Binance $3.35 million for providing services in the Netherlands without the appropriate license.
Prior to this, in August 2021, the Dutch regulator warned Binance about operating in the Netherlands without the proper license, as it is the largest cryptocurrency exchange in terms of trading volume worldwide.
Today’s news also comes shortly after Binance applied to cancel its registration with the Cyprus Securities and Exchange Commission.
Although the reasons for this move were not shared by the Cypriot regulator, a Binance spokesperson stated that the exchange is “working hard” to be fully compliant before the implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation next year.
This afternoon, the Paris prosecutor’s office announced that Binance’s French unit is under investigation by local authorities for providing “illegal” digital asset services and charges of “aggravated money laundering.”