Key Points
- Binance has announced that it is leaving the Dutch market after failing to secure an operating license.
- The exchange said that its attempts to register with the Dutch Regulator as a VASP have failed.
Binance has assured investors and regulators worldwide that it’s working hard to comply with new regulations like MiCA after being forced to leave the Dutch market. It says that it’s working hard to ensure that its business is fully MiCA compliant; however, it is going to respect the will of regulators in the cases where it does not secure the legal rights to operate in a given location
No more Binance services for Dutch users
Binance is continually facing difficult situations as several of its licenses are being revoked or not given new ones at all. On June 16, 2023, the exchange said it had been forced to exit the Dutch market for not acquiring an operating license as a VASP (Virtual Assets Services Provider).
The exchange has, however, assured European customers that it is working hard to stay compliant with current rules, especially MiCA. An excerpt from its official blog reads
“We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted. Starting from 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2), existing Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”
It added that the existing Dutch resident users are being sent emails with comprehensive information on the impacts that will be felt on their accounts and any assets they currently hold there, alongside steps to continue.
This news comes when Nigeria also asked the exchange to cease operating there. Additionally, its US platform is under investigation as a court battle with the SEC continues over allegations that it is operating as an unregistered securities broker in the country.
Keep watching Fintech Express for updates on this and other fintech-related developments.