Crypto Exchange Binance Exiting Netherlands
The leading crypto exchange Binance decide to leave the Dutch market. They made an announcement about it and this is going to be effective immediately. Binance did not want to exit the Netherlands but failed to obtain a virtual asset service provider (VASP) license.
Due to regulatory scrutiny and a lawsuit against Binance in the United States, the exchange has already been going through a challenging situation. Now they no longer operate their business in the Netherlands. Binance made its move to explore different ways to serve Dutch residents complying with regulators, but it did not work out.
New users cannot open an account in Binance from the Netherlands. Existing customers cannot deposit, buy and trade crypto in the exchange anymore. They can withdraw their funds from the exchange. And Binance requested customers to withdraw their cryptocurrency from their Binance accounts.
The largest crypto exchange Binance was charged with a $3.4 million fine from the Dutch central bank due to operating its business in the country without a license and registration. According to the Dutch central bank, Binance had a large user base in their country and daily trading volume was huge.
Binance still works on expanding its business and sometimes they have to go through a tough situation and things do not work out always. It will not stop their initiative to move forward and grow their business. The good news is, Binance has got regulatory approval in some EU countries including France, Italy, Spain, Poland, Sweden, and Lithuania.
The crypto exchange is ready to comply with local regulators and get approval to obtain the required license and registration to run its business. Things are difficult when regulatory clarity is absent and the intention is to force the crypto exchange out of the country.
Regulators can make crypto-friendly regulations and make it clear what is required to do to run crypto businesses. It will support the crypto industry and investors will not go through uncertain circumstances due to regulatory scrutiny.
