Cryptocurrency exchange Binance has announced that it is ending its services in the Netherlands. This announcement follows a rejection for a license application.
Binance closes its services in the Netherlands
This Friday, cryptocurrency exchange Binance has announced that it is leaving the Netherlands. Thus, no more users from the country are accepted, and as of July 17, the exchange will close its services. As a result, the remaining investors will only be able to make withdrawals:
We regret to announce that Binance is leaving the Dutch market as we have been unable to register as a VASP with the Dutch regulator.
We continue to be committed to working collaboratively with regulators around the world and are more focused on getting our business…
— Binance (@binance) June 16, 2023
This decision is due to the fact that the platform didn’t get the license she wanted in the jurisdiction :
“Binance has gone through a comprehensive application process for registration as a virtual asset service provider with the Dutch regulator. Although we have explored many alternative avenues to serve Dutch residents in accordance with Dutch regulations, unfortunately this did not result in a registration. […] For now. »
This does not call into question Binance’s desire to comply at the European levelshe also indicates that she continues to work in such a way as to be fully compliant with new EU rules » as soon as the MiCA regulation will be effective. In this regard, the status ofcrypto-asset service provider(CASP) should be able to enable it to operate in compliance in all Member States.
On the other hand, the exchange reminded European countries where it was regulated :
- France ;
- Italy;
- Spain;
- Poland ;
- Sweden ;
- Lithuania.
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Binance facing regulators
At the same time, our colleagues from Le Monde indicated yesterday morning that Binance was under investigation in France. The reported charges state “illegal exercise of the function of service provider on digital assets (PSAN)“, but also of”acts of aggravated money laundering”.
We will come back to this case in more detail in a dedicated article soon. However, David Prinçay, the president of Binance France, confirmed that an inspection had indeed taken place last weekand that this was one of the eventualities that a financial institution could expect:
In France, on-site inspections by regulators and inspectors are part of the regulatory obligations that all financial institutions must comply with. We had a site visit last week by the competent authorities. Binance,…
— David Princay (@davidprincay) June 16, 2023
After the disputes between the Securities and Exchange Commission (SEC) and its American branch, this is a new thorn in the side for the group. Nevertheless, Binance.US and the SEC reportedly reached an agreement this week to avoid the freezing of assets.
As Binance is once again in the spotlight regarding various investigations, it will be interesting to follow the findings of these, in order to disentangle the true from the false and how it may affect the public image of the company.
👉 Related — Binance leaves Cyprus to focus on France, Italy and Spain
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Source: Binance
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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