Crypto Exchange Binance Exits Dutch Market: 100x Potential Now Available

Binance Exits Dutch Market

Key Takeaways

• Crypto exchange Binance is leaving the Dutch market after failing to register as a VASP in the Netherlands.
• Binance recently applied to deregister its local unit in Cyprus and also exited the Canadian market.
• The cryptocurrency exchange is also facing regulatory challenges in the United States.

Binance Exiting Dutch Market

Cryptocurrency exchange Binance announced on Friday, June 16th, that it will be exiting the Dutch market as it failed to register as a Virtual Asset Service Provider (VASP) in the Netherlands. In its blog post, Binance wrote that existing users residing in the Netherlands will only be able to withdraw assets from their accounts starting from July 17th 2021 00:00 UTC (July 17th 2021 02:00 UTC+2). No further purchases, trades or deposits will be possible after this date. Binance said that although it explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, it wasn’t successful in obtaining a VASP registration in the Netherlands.

Binances Exodus Continues

The cryptocurrency exchange has been under pressure in recent weeks and has exited some markets during that period. Last month, Binance exited the Canadian market due to new guidelines which made it no longer tenable for its operations to continue there. This week, they filed to deregister their local unit in Cyprus too. Additionally, they are currently facing regulatory pressure from the United States where earlier this month Securities and Exchange Commission sued them for allegedly breaking securities laws.

New Regulatory Challenges

The company is now facing stricter regulations globally which require them to obtain authorisations before providing services or products to users of their platform. Although these new rules may present some difficulties for companies like Binance who operate globally without having secured such authorisations beforehand, they must comply with these rules if they wish to remain operational and avoid complications with authorities later on.

Conclusion

In conclusion, while these new regulations may present some obstacles for those operating within industry, ultimately they are necessary measures that must be taken for businesses operating within this space to operate legally and protect consumers at all times. As such, we can expect more similar announcements from other companies attempting to remain compliant with international laws and regulations relating to cryptocurrencies and digital assets as time goes by.