Following the failure to obtain a virtual asset service provider license from the Dutch Central Bank, Binance, one of the world's leading cryptocurrency exchanges, has decided to end its operations in the Netherlands. As part of this decision, Binance has initiated a partnership with the regulated cryptocurrency exchange Coinmerce and offered users the option to transfer their assets free of charge.
Coinmerce announced that it would terminate all services for Binance users in the Netherlands on July 17, 2023, and encouraged users to transfer their assets before that date. The referral partnership with Coinmerce is supervised and approved by De Nederlandsche Bank (DNB), the central bank of the Netherlands.
Transfer Process and Guidelines:
Jaap de Bruijn, CEO of Coinmerce, stated, "Our priority is to ensure a smooth transition. These users need to have their transactions resolved urgently. Dutch users' crypto assets on Binance will be transferred to Coinmerce through a controlled transition process." Users who wish to participate in the transfer will receive information via email about the next steps to securely and easily transfer their assets to Coinmerce. #Binance #Netherlands #Coinmerce
Binance and Regulatory Pressure:
Recently, Binance has faced increasing regulatory backlash, particularly in Europe, and the Netherlands' rejection is the latest example of this trend. Alongside the Netherlands, German regulators also rejected Binance's application for a crypto custody license in late June. Binance has stated that it will continue to work towards finding a solution with German authorities. Additionally, Binance has fully withdrawn from Austria, Belgium, and Cyprus for various reasons.
Focus on the Future:
Binance has stated that it will continue to remain committed to the European markets but will shift its focus towards preparing for the upcoming "Markets in Crypto Assets" (MICA) regulations. MICA will come into effect in the coming months and establish a regulatory framework for the crypto industry in the European Economic Area. #MICA
In Summary:
Due to the Dutch Central Bank's refusal to grant a virtual asset service provider license, Binance has decided to cease its operations in the Netherlands. Through its partnership with Coinmerce, Binance has offered its users the opportunity to transfer their assets free of charge. As Binance faces regulatory pressures in Europe, it continues its efforts to comply with the upcoming MiCA regulations and maintain its focus on European markets.
