Binance, the world’s biggest cryptocurrency exchange, has announced its plans to leave the Dutch market, following its inability to acquire a Virtual Asset Service Provider (VASP) licence from the country’s regulators.
The VASP licence is proof that a company is adhering to anti-money laundering guidelines. Starting from July 17, existing Dutch resident users can only withdraw their assets from Binance's platform. No new users from the Netherlands will be accepted.
The exchange has gone through a thorough registration application process but has failed to obtain a VASP registration in the Netherlands. Existing Dutch resident users will be sent a comprehensive email with details about their accounts.
The cryptocurrency exchange continues to face anti-money laundering complaints in France, Italy, Spain, Poland, Sweden, and Lithuania. Just few days ago, the exchange announced its exit from Cyprus to focus on becoming fully compliant with the new European Union rules on crypto-assets (MiCA). Additionally, the US Securities and Exchange Commission (SEC) recently sued Binance, its founder Changpeng Zhao, and the operator of its independent US exchange.
Cryptocurrency enthusiasts are left to speculate on the reason for the regulatory hurdles Binance faces. In the meantime, the exchange aims to satisfy regulatory compliance in different countries where it plans to establish its presence.
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