Binance leaving Netherlands after license bid failed.

Binance, the largest cryptocurrency exchange in the world, has decided to leave the Netherlands because it failed to convince the Dutch regulator to issue a license that would certify that it complies with anti-money laundering guidelines. As of July 17th, Dutch residents will only be able to withdraw their funds from the platform. Binance made a statement on its website expressing regret and informing its existing Dutch resident users that they will only be able to withdraw their assets from the platform starting from July 17th, 2023. They will not be able to make any further purchases, trades, or deposits. This move comes after Binance left Cyprus to focus on complying with the new European Union rules on crypto-assets (MiCA). Although Binance explored other ways to comply with Dutch regulations, it was unable to obtain a VASP registration in the Netherlands at this time. The exchange has stated that it will continue engaging with Dutch regulators. Existing Dutch resident users will receive an email with detailed information about what this means for their accounts and any assets they currently have on the Binance platform, along with any necessary steps they will need to take.

See also: Binance Seeks to Withdraw Cyprus’ Unit Crypto Service Registration

UPDATE (June 16, 08:50 UTC): Adds fourth paragraph on European Union, Cyprus.

Edited by Sheldon Reback.