Binance is shutting down its operations in the country as it is unable to obtain a virtual asset service provider license from regulators in the Netherlands.
Binance’s license application in the Netherlands was not approved. The Dutch regulator has not granted a virtual asset service provider (VASP) license to the popular crypto exchange. Immediately after this situation, Binance stated that it would leave the Netherlands.
Binance Leaves The Netherlands
Binance has announced that it will terminate its crypto services in the Netherlands. The exchange stated that its users can withdraw their assets from the platform after July 17.
According to CoinDesk’s report, Binance, which could not get the service provider license it was hoping for from the Netherlands, decided to leave the country. “We are saddened to announce that Binance is leaving the Dutch market,” Binance wrote in an email to CoinDesk. said.
Among the statements from the exchange, it was stated that new users residing in the Netherlands will not be included in the platform. Binance also clarified the assets of its users living in the Netherlands. The popular exchange will allow its Dutch users to withdraw their holdings from the Binance platform from July 17, 2023.
Expressing that he is sad about his departure from the country, Binance stated that they are looking for ways to serve those residing in the Netherlands within regulatory clarity. Binance reported that their service could not continue as they were unable to obtain the VASP license from the Netherlands.
Binance, which is sued by the SEC, is very cautious in legal matters.
