Binance is leaving the Netherlands because it failed to obtain a virtual asset service provider (VASP) license.
The company has informed its Dutch customers about this decision. Starting July 17, existing customers can only withdraw funds from the platform. Trading, deposits, and purchases will no longer be possible.
Binance expressed disappointment about the situation but assured it will continue to engage with Dutch regulators productively and transparently. The Dutch central bank, De Nederlandsche (DNB), had previously fined Binance $3.3 million in April 2022 for operating illegally in the country.
Despite efforts to comply with Dutch regulations and secure a VASP license, the crypto exchange needed help to obtain clearance from the Dutch government.
Cyprus’s branch of Binance files for deregistration
In its most recent announcement, the crypto exchange stated that it has been investigating alternatives to provide services to people in accordance with the laws of the country while attempting to secure a virtual asset service provider (VASP) license from the Dutch regulator.
However, it appeared that efforts were in vain because the crypto exchange was unable to obtain Dutch government clearance. As proof of its compliance efforts, the company cited regulatory approvals in Italy, France, Poland, Lithuania, Sweden, and Spain as well as its compliance with EU regulations related countering money laundering and terrorism funding. Binance stated its dedication to obtaining permissions to serve Dutch users.
