The cryptocurrency exchange Binance will exit the Netherlands, after failing to obtain a license as a virtual asset service provider (VASP) from the local regulator.
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 additionally focused on getting our business…
— Binance (@binance) June 16, 2023
From June 17, Dutch users will only be able to withdraw assets from the platform. The exchange’s trading and deposits features will be frozen.
“While Binance has explored a number of alternative ways to serve residents of the Netherlands in accordance with the rules, it has, unfortunately, not led to VASP registration,” the company said.
Representatives said they will continue to engage with local regulators. For now the platform will focus on the EU-wide rules MiCA, adopted on 20 April.
Binance said the exchange already meets EU standards for anti-money laundering and countering the financing of terrorism. The company holds licenses in several European countries, including France, Италию, Испанию, Poland, Sweden and Lithuania.
Earlier the exchange delisted 12 confidential tokens in four EU countries as part of regulatory compliance.
Binance also withdrew its registration in Cyprus to focus on engaging with a smaller number of regulators in Europe.
Earlier on June 5, SEC filed suit against the exchange and its CEO Changpeng Zhao. The regulator brought 13 charges, including selling unregistered securities.