Binance withdraws from the Netherlands and directs its users to competitor Coinmerce
Binance, the world’s largest crypto exchange, announced its withdrawal from the Netherlands in June this year after an unsuccessful attempt to obtain regulatory approval, Coindesk reports.
According to information published by Coinmerce on Thursday, Binance is now referring its Dutch customers to a competitor, the Coinmerce crypto exchange. Residents of the Netherlands can no longer use Binance services, as the crypto exchange has failed to secure recognition as a provider of virtual assets in the Netherlands. Instead, the company offers its customers a free transition to Coinmerce, which has been registered with the central bank since 2020 to provide cryptocurrency exchange and wallet services.
“Our priority is to ensure an orderly transition,” said Coinmerce CEO Jap de Bruijn in a statement. He added that customers can choose to transfer digital assets to Coinmerce for free under regulatory control.
Last year, Binance was fined 3.3 million euros (about $3.6 million) by the Dutch central bank for providing services to customers in the country without the appropriate authorization. Last month, it announced that it would not accept new customers in the Netherlands, and existing customers would not be able to make deposits, trades, or purchases after July 17.
Binance’s office was recently searched in France, where it has its main European headquarters, as part of an investigation into allegations of “severe money laundering.” The company and its CEO Changpeng “CZ” Zhao were also charged by US regulators with operating an unlicensed stock exchange.
A Binance spokesperson confirmed to CoinDesk that the company is working on a “seamless transition” for Dutch users to enable them to switch to Coinmerce “quickly and securely” if they wish.
“Despite our withdrawal from the Dutch market, Binance remains committed to obtaining the necessary approvals to re-introduce its products and services to users residing in the Netherlands in the future,” the representative said.
