Binance to quit Netherlands after failing to acquire license

Binance, the world’s largest cryptocurrency exchange, is leaving the Netherlands, after failing persuade the Dutch regulator to issue a virtual asset service provider (VASP) license, which attests that it meets anti-money laundering (AML) guidelines.

Report informs via foreign media that as of July 17, Dutch residents will only be able to withdraw their funds from the platform, according to a statement from the exchange.

“We regret to announce that Binance is leaving the Dutch market,” Binance said on its website. “This unfortunately means that no new users residing in the Netherlands will be accepted as of today. Starting from 17 July, 2023, existing Dutch resident users will only be able to withdraw their assets from the Binance platform. No further purchases, trades or deposits will be possible. We encourage those users to take appropriate action by withdrawing assets from their accounts.”

Binance said it has been in a comprehensive registration application process as a virtual asset service provider with the regulator. “Although Binance explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.”

The exchange said it will continue to engage with Dutch regulators.