Binance is leaving the Dutch market, after failing to secure their registration as a virtual asset service provider (VASP) with the Dutch regulator. A comprehensive registration application process and the exploration of many alternative avenues to service Dutch clients, has not resulted in the desired VASP registration on Dutch territories.
As a consequence Dutch resident users will only be able to withdraw assets from their accounts and it won’t be possible to buy tokens, to trade or to make deposits on the platform from July 17th, 2023. Open positions for several Binance products will be closed progressively.
In an email to all clients, Binance urges users to take appropriate action by withdrawing assets from their Binance accounts.
Binance has not given any reason for why it was unable to receive a license from Dutch regulators, although it is clear that Binance needs to adhere to anti-money laundering rules in order to gain approval and operate in any EU country.
So far, the company has obtained approvals in several countries including France, Italy, Spain, Poland, Sweden, and Lithuania. However, this situation is expected to change when the EU introduces the Markets in Crypto Assets (MiCA) regulation. The crypto exchange has also filed an application with the relevant authority in Germany (BaFin) in September 2022.
The main goal of MiCA is to create consistent regulations for cryptocurrencies throughout the EU and protect consumers from malicious actors, especially in light of the FTX bankruptcy in November. Once MiCA is implemented, crypto companies that are registered in one EU country will be able to offer their services across other member states.
Binance has expressed its commitment to collaborate with regulators worldwide and is actively preparing its business to ensure full compliance with MiCA.
that’s a great.