Crypto trader Binance pulls out of Dutch market in license grab

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June 16, 2023 Photo: Depositphotos.com

Cryptocurrency giant Binance is withdrawing from the Dutch market after failing to obtain a license from the Dutch central bank.

No more Dutch people can register to use Binances services with immediate effect and from July 17, they will only be able to withdraw their assets from the platform.

Last year, Binance was fined 3.3 million by the central bank for offering crypto trading services without the proper paperwork.

Businesses that trade in cryptocurrency have been required to register since May 2020 under legislation to stop money laundering and terrorist financing.

Although Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators, the company said. Binance will continue to strive to obtain the necessary permissions to provide our products and services to users in the Netherlands. »

Binance claims to be compliant with EU standards for the prevention of money laundering and terrorist financing and has registrations in a number of countries including France, Italy, Spain, Poland, Sweden and Lithuania.

The company was banned in the United States in 2019 and has since created a Binance US subsidiary to operate there. However, last week US regulators accused the US unit of violating securities laws and sought to freeze its assets. Binance.US “vigorously denied” the charges.

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