Regulatory hurdles force crypto company Binance to exit Netherlands
Crypto firm says it could not register in country even after looking for other ways to meet regulations
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Binance, the world's biggest cryptocurrency trading platform, announced on Friday it has decided to leave the Netherlands due to regulatory constraints.
Neither any new users residing in the Netherlands will be accepted for the platform, nor any further purchases, trades or deposits will be possible, while existing Dutch resident users will only be able to withdraw assets from the company starting from Saturday at 00:00 UTC, according to its company statement.
"Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator," the crypto exchange said in a blog post.
"Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time," it added.
The company said Dutch resident users will receive emails with information about their accounts and any assets they currently have on the platform, in addition to steps that they need to take.
Meanwhile, Binance and its CEO face multiple charges in the US for violating several securities laws.
The company announced last week its American subsidiary, Binance.US, will suspend dollar deposits.
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