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Justin Sullivan
Binance, the world’s largest cryptocurrency exchange, said Friday it’s leaving the Dutch market after it failed to obtain virtual asset service provider registration in the country.
The platform won’t sign up new users residing in the Netherlands with immediate effect. As of July 17, existing Dutch resident users will only be able to withdraw assets from the Binance platform.
Binance, as well as other crypto platforms, have come under intensified regulatory scrutiny in the months following FTX’s collapse. Last week, the U.S. Securities and Exchange filed lawsuits against Binance.US and Coinbase (COIN), alleging that they’re offering unregistered securities and are operating as unregistered brokers.
Binance said it will continue to try to obtain VASP registration in the Netherlands.
“Binance is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania,” the company said in a statement.
In addition, the company said it “continues to be committed to working collaboratively with regulators around the world and are additionally focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets.”
In May, the European Union gave final approval for sweeping set of rules governing crypto known as Markets in Crypto Assets that will harmonize crypto regulations in 27 countries. MICA’s rules to increase transparency, fight money laundering, and provide investor protections are set to take effect in stages starting in July 2024.
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