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Binance, a global cryptocurrency exchange, agreed with Coinmerce to shift its users. It is expected that Binance will shut down its operations in the Netherlands, stated Cointelegraph.
With insights from July 6, 2023, blog post, Coinmerce, a Dutch cryptocurrency exchange, mentioned that many users based out of the Netherlands would be moved from Binance, and enable users to transfer their digital assets to the platform for free. Reportedly, in June, Binance said that it would discontinue its services for Dutch users from July 17, highlighting a failure to get a virtual asset service provider license in the country, Cointelegraph added.
“We offer these [Binance] users an equivalent platform that complies with all European laws and regulations. The transition will be smooth and […] in consultation with Binance we have made the transition for users as easy as possible,” Nick Smits van Oyen, co-founder, Coinmerce, explained.
Furthermore, most of the cryptocurrency exchange continues to expand its operations to different countries, including Kazakhstan. However, authorities in certain jurisdictions have been passed down on Binance, Cointelegraph concluded.
(With insights from Cointelegraph)
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