Binance has suspended operations in the Netherlands after failing to obtain a virtual asset provider license from the Dutch Central Bank.

As part of its exit, Binance has offered to move users’ assets free of charge to rival cryptocurrency exchange CoinMorse, which has secured regulatory approval to operate in the country.

The exchange plans to suspend all services to Dutch-based users on July 17, 2023, and has called on them to move their assets by the deadline.

referral partnership

According to reports on July 6, the referral partnership with Coinmerce is overseen and approved by Deutsche Bank (DNB). press release.

Coinmerce CEO Jaap de Bruijn said:

“Our priority is to ensure an orderly transition. Such users require urgent medical attention. Crypto assets of Dutch users on Binance will be transferred to Coinmerce through a controlled transition. increase.”

According to the release, users who wish to participate in the transfer will be sent an email detailing the next steps for a “simple and secure” transfer of their assets to CoinMerce.

Regulatory disapproval

Binance has seen an uptick in regulatory disapprovals in recent weeks, especially in Europe, with the Netherlands being the most recent one.

Similar to the Netherlands, German regulators rejected the exchange’s application for a cryptocurrency custody license in late June. Binance said it will continue to work with German authorities to find a solution.

Meanwhile, the exchange has pulled out of Austria, Belgium and Cyprus entirely for a variety of reasons, including regulatory pressure and lack of progress in securing a license.

exchange told crypto slate For now, we continue to work on the European market, but will shift our focus to preparing for the upcoming Crypto Asset Market (MiCA) regulation.

The MiCA is set to enter into force in the coming months, establishing a regulatory framework for the cryptocurrency industry in the European Economic Area.

Neither Dutch authorities nor Binance have responded to requests for comment at the time of writing.

An article first appeared on CryptoSlate that Binance is urging Dutch customers to move their assets to Coinmerce before leaving the Netherlands on July 17.

By Jules

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