Binance Withdraws From Dutch Market

Binance has regretfully declared its withdrawal from the Dutch market. Effective immediately, Binance will no longer accept new users residing in the Netherlands. Furthermore, as of July 17, 2023, at 00:00 UTC (02:00 UTC+2), existing Dutch resident users will only be able to withdraw their assets from the platform. All other activities, including purchases, trades, and deposits, will be suspended for these users.

We regret to announce that Binance is leaving the Dutch market as we have been unable to register as a VASP with the Dutch regulator.

We continue to be committed to working collaboratively with regulators around the world and are additionally focused on getting our business…

— Binance (@binance) June 16, 2023

Binance’s decision comes as a result of their comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator. Despite their efforts to explore various alternatives to cater to Dutch residents within the bounds of Dutch regulations, Binance’s registration as a VASP in the Netherlands has not been successful at this time. Nevertheless, the company remains committed to seeking authorizations that would allow them to offer their products and services to users in the Netherlands.

The cryptocurrency exchange emphasizes that it already adheres to EU standards on the prevention of money laundering and financing of terrorism, evident through its successful registrations in other EU countries such as France, Italy, Spain, Poland, Sweden, and Lithuania. Binance assures its users that it will continue to actively engage with regulators worldwide, demonstrating its commitment to collaboration and transparency.

The Dutch Central Bank (DNB) previously imposed an administrative fine of €3,325,000 on Binance in April 2022 for providing crypto services in the Netherlands without the legally required registration with the DNB.

— Wu Blockchain (@WuBlockchain) June 16, 2023

To assist Dutch resident users in navigating the implications of this decision, Binance will be sending out comprehensive emails containing information regarding their accounts and any assets held on the platform. These communications will also outline the necessary steps for users to take in light of the withdrawal. While Binance expresses disappointment at the necessity of this action, the company reiterates its dedication to engaging with Dutch regulators in a productive and transparent manner.

As Binance exits the Dutch market, it remains focused on adapting its business to comply fully with the new EU rules on crypto-assets, known as MiCAR. This ongoing commitment demonstrates Binance’s determination to meet regulatory requirements and foster a secure and compliant environment for its users.