Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Binance Refers Dutch Users to Rival Coinmerce as It Exits Netherlands

coindeskcoindesk2023/07/06 13:20
By:Jack Schickler

The world’s biggest crypto exchange said it would quit the Netherlands in June after failing to secure regulatory approval.

Binance is fleeing the Netherlands (Patrick Rasenberg/Flickr)

Binance is referring Dutch customers to rival crypto exchange Coinmerce as it ceases business in the Netherlands, according to a Thursday .

Dutch residents can no longer use Binance’s service after the world’s biggest crypto exchange failed to secure recognition as a virtual asset provider, but has offered its customers a free transfer to its rival, which has been registered by the central bank to offer crypto exchange and wallet services .

"Our priority is to ensure an orderly transition,” Jaap de Bruijn, chief executive officer of Coinmerce said in a statement, adding that customers can choose to transfer digital assets to Coinmerce for free under a process supervised by regulators.

Last year Binance was fined ($3.6 million) by the Dutch central bank for serving clients in the country without the required authorization. Last month it announced it would take no new customers in the Netherlands, with existing clients after July 17.

Binance premises were recently raided in , the company’s flagship center in Europe, in a probe into “aggravated money laundering.” The company and its CEO Changpeng “CZ” Zhao have also been charged by U.S. regulators with .

A spokesperson for Binance confirmed to CoinDesk it has been working on a "seamless transition" for Dutch users to enable them to transfer to Coinmerce "quickly and securely" should they wish to.

"While we are leaving the Dutch market, Binance remains committed to obtaining the necessary authorizations to reintroduce its products and services to users residing in the Netherlands in the future," the spokesperson said.

UPDATE (Jul 6, 2023, 12:42 UTC): Adds Binance quote.

Edited by Parikshit Mishra.

43

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

6 Reasons XRP Price Could Hit $1 This Summer (Opinion)

Many are wondering if XRP can reach $1 anytime soon. Well, here are a few reasons in support.

Cryptopotato2024/07/21 16:55