Bitcoin exchange Binance will leave the jurisdiction of the Netherlands, as it was unable to obtain a virtual asset service provider (VASP) license from the local regulator.
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
Starting June 17, Dutch users will only be able to withdraw assets from the platform. The function of exchange and deposits will be frozen.
“While Binance has explored many alternative ways to serve residents of the Netherlands in accordance with the regulations, unfortunately this has not resulted in VASP registration at this time,” the company said.
Representatives of the exchange added that they would continue to interact with local regulatory authorities. For now, the platform will focus on global European regulations MiCAadopted on 20 April.
Binance noted that the exchange already complies with EU standards for the prevention of money laundering and terrorist financing. The company has licenses in several European countries, including France, Italy, Spain, Poland, Sweden and Lithuania.
The exchange previously delisted 12 privacy tokens across four EU countries as part of regulatory compliance.
Binance has also withdrawn its registration in Cyprus to focus on interacting with fewer regulators in Europe.
Remember June 5th SEC sued the exchange and its CEO, Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities.
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