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Binance to Quit Netherlands After Failing to Acquire License
The crypto exchange's attempt to secure a virtual asset service provider (VASP) license from the Dutch regulator was unsuccessful.
Binance, the world’s largest cryptocurrency exchange, is leaving the Netherlands, after failing to persuade the Dutch regulator to issue a virtual asset service provider (VASP) license, which attests that it meets anti-money laundering (AML) guidelines.
As of July 17, Dutch residents will only be able to withdraw their funds from the platform, according to a statement from the exchange.
STORY CONTINUES BELOW
“We regret to announce that Binance is leaving the Dutch market,” Binance said on its website. “This unfortunately means that no new users residing in the Netherlands will be accepted as of today. Starting from 17 July, 2023, existing Dutch resident users will only be able to withdraw their assets from the Binance platform. No further purchases, trades or deposits will be possible. We encourage those users to take appropriate action by withdrawing assets from their accounts.”
Europe has generally been receptive to crypto exchanges and their anti-money laundering efforts. Binance is already AML compliant in France, Italy, Spain, Poland, Sweden and Lithuania. Two days ago, the exchange said it planned to leave Cyprus to focus on becoming fully compliant with the new European Union rules on crypto-assets (MiCA).
Binance said it has been in a comprehensive registration application process as a virtual asset service provider with the regulator. “Although Binance explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.”
The exchange said it will continue to engage with Dutch regulators.
Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take.
See also: Binance Seeks to Withdraw Cyprus' Unit Crypto Service Registration
UPDATE (June 16, 08:50 UTC): Adds fourth paragraph on European Union, Cyprus.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
