After failing to convince the Dutch regulator to provide a virtual asset service provider (VASP) license, which attests that it satisfies anti-money laundering (AML) requirements, Binance, the world’s largest cryptocurrency exchange, is leaving the Netherlands.
The exchange announced in a statement that as of July 17, only Dutch citizens could make withdrawals.
“We regret to announce that Binance is leaving the Dutch market,” the exchange wrote on its website.
As of right now, we are unable to accept any new users from the Netherlands due to this issue.
Users who have their primary residence in the Netherlands can no longer deposit funds on the Binance platform after July 17, 2023. There will be no further deposits, transactions, or purchases. We advise those customers to take the necessary steps, such as closing their accounts and retrieving their money.
The European Union usually supports cryptocurrency trading platforms’ efforts to combat money laundering. France, Italy, Spain, Poland, Sweden, and Lithuania are all AML-compliant countries where Binance is now operating. The company announced its intention to depart Cyprus two days ago in order to comply with the new regulations of the European Union on crypto-assets (MiCA).
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Binance stated it has been in the midst of a thorough registration application procedure with the regulator to become a virtual asset service provider. Unfortunately, a VASP registration in the Netherlands has not yet materialized, even though Binance has “explored many alternate avenues to service Dutch residents in compliance with Dutch regulations.”
The bourse has promised to keep talking to Dutch authorities. Existing users who are residents of the Netherlands will get an email explaining the implications of this change for their Binance accounts and assets.
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