Cryptocurrency exchange Gemini will stop offering services to customers in the Netherlands from November 17, citing regulatory pressures.
Reddit sources claim that the exchange informed its customers in the nation of its decision to go into effect on November 17, 2023. Gemini attributed the decision to the DNB’s rules regarding cryptocurrency exchanges.
It hasn’t, however, made a formal announcement on the situation. Part of the letter stated:
“We are getting in touch to inform you that Gemini will stop offering crypto services to the Dutch market on November 17, 2023. This is due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges. It is now our top priority to make the transition of your fiat and crypto assets off Gemini as easy and seamless as possible.”
A Swiss web3 compliance business called Swisstronik sees this as a part of a larger trend of tightening EU crypto laws. They highlighted “challenges crypto platforms face in complying with MiCa regulations.
“Gemini is to invest $24 million over the next two years in its Gurgaon development center while also increasing its personnel count in India from 75 to 150.
