Binance’s official withdrawal from the Netherlands comes after the exchange failed to secure a formal license from Dutch regulators.

Binance has announced its withdrawal from the Netherlands.according to Official publicationthe world’s largest cryptocurrency is exiting the Dutch market after failing to secure a license as a virtual asset service provider (VASP).

In its withdrawal announcement, Binance said it would immediately stop accepting new users in the Netherlands. For existing users residing in the Netherlands, all services except withdrawals will be suspended from midnight on Saturday.

Binance said it had been trying to secure formal registration as a VASP with the Dutch authorities, but had been unsuccessful. The announcement states:

“We have explored many alternatives to provide services to Dutch residents in accordance with Dutch regulations, but unfortunately we have not yet reached VASP registration in the Netherlands at this time.”

It added that the exchange complies with money laundering and terrorist financing standards in several EU member states, including Sweden, Poland, Lithuania, Spain, Italy and France. Binance went on to express its willingness to cooperate with regulators and pledged to keep its dialogue open with Dutch authorities.

Existing users in the Netherlands will receive an email with account and asset details as Binance prepares to exit. The email also contains the necessary instructions for each user. Binance concluded:

“Binance regrets that this has become necessary, but intends to continue engaging with the Dutch regulator in a productive and transparent manner.”

Binance fined in Netherlands

Last July, the Dutch Central Bank (DNB) fined Binance €3.3 million (about $3.35 million) for operating in the country without registration.and announcement In doing so, he noted that Dutch regulators issued a public warning to Binance almost a year ago. The apex bank also revealed that the fine was based on Binance’s high trading volume, number of domestic customers and the fact that Binance is the world’s largest cryptocurrency company. This violation resulted in a “third category fine” with a minimum of 2 million euros and a maximum of 4 million euros.

departure from another country

recent binance announced Withdraw from the Canadian market. According to the exchange, Canada is no longer an attractive market for several reasons, including regulations and investor restrictions surrounding stablecoins. Binance said it has long postponed its decision to exit the market after exploring other options to no avail. Similar to its notice announcing its withdrawal from the Netherlands, Binance also said it would continue to work with Canadian regulators and “hopes to return to the market at some point.”

Binance also does not hold a derivatives license in Australia. The Australian Securities and Investments Commission (ASIC) press release Binance has announced that it has revoked the license held by Oztures Trading Pty Ltd, a local subsidiary of Binance. According to the release, Binance requested the cancellation. In February, ASIC launched an investigation into Binance, investigating allegations of illegal closure of some derivatives accounts.

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Tol Ajiboe

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to explain the cryptocurrency story down to the basics so that anyone, anywhere can understand it without much background knowledge. When not digging into cryptocurrencies, Tolu enjoys music, loves to sing, and is an avid movie buff.

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