important point

  • Cryptocurrency exchange Binance is withdrawing from the Dutch market after failing to register as a VASP in the Netherlands.

  • Binance recently filed for the deregistration of its local division in Cyprus and also withdrew from the Canadian market.

  • Cryptocurrency exchanges are also facing regulatory challenges in the United States.

Binance Exits Dutch Market

Binance, the world’s top cryptocurrency exchange by daily trading volume, announced Friday, June 16, that it will be exiting the Dutch market.

this latest cryptocurrency news The issue stems from the company’s failure to register as a virtual asset service provider (VASP) in the Netherlands.among them blog postBinance writes:

“We regret to announce that Binance will be exiting the Dutch market. Effective immediately, we will no longer be accepting new users residing in the Netherlands. 02:00 UTC+2), existing users residing in the Netherlands will only be able to withdraw assets from the Binance platform, no further purchases, trades or deposits will be possible. We recommend that you withdraw your assets and take appropriate action.”

The cryptocurrency exchange said it has explored many alternatives to offer services to Dutch residents in accordance with Dutch regulations, but has not been successful in obtaining VASP registration in the Netherlands.

However, Binance said it will continue to strive to obtain authorization to offer its products and services to users in the Netherlands.

Binance outflow continues

Binance has been under pressure in recent weeks, during which time it pulled out of some markets.cryptocurrency exchange withdrew from the Canadian market Last month, the Canadian market cited new guidelines that could no longer withstand its operations.

Earlier this week, the company also applied to deregister its local division in Cyprus. All of this happened at a time when Binance was facing regulatory pressure from the United States.

U.S. Securities and Exchange Commission (SEC) sued binance Earlier this month, he was indicted on charges of securities law violations. Securities regulators also applied for a temporary restraining order Freeze Binance.US assets.

By Jules

Leave a Reply