Binance Withdraws From Netherlands
The largest cryptocurrency exchange by volume, Binance, withdrew from the Dutch market after failing to obtain a licence to do business there. The US Securities and Exchange Commission (SEC) and the exchange are at odds in court right now.
Dutch citizens will no longer be able to use any other services on the Binance platform as of July 17. The exchange explains that it is concentrated on the process of achieving complete compliance with the MiCA regulations for cryptocurrencies set forth by the European Union.
Currently, the cryptocurrency exchange is involved in a legal dispute with the SEC over claims that it broke the securities laws. Check out this post for additional information about the lawsuit’s latest development.
Binance announced its pullout from the Netherlands because it was unable to register with the Dutch authority.
To confirm that its platform complies with Anti-Money Laundering (AML) regulations, the exchange needs a Virtual Asset Service Provider (VASP) licence. According to Binance’s announcement, as on June 16 there will be no further acceptance of new users from the Netherlands to the exchange. On July 17, 2023, current customers who are Dutch residents will be allowed to withdraw their assets from the platform without having access to additional services like deposits and trade.
(With inputs from Shikha Singh)
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