Bitrabo Editorial
Binance, the world’s largest cryptocurrency exchange, has announced that it is pulling out of the Netherlands due to its inability to register as a Virtual Asset Service Provider (VASP) with the Dutch regulator. The exchange expressed regret in a tweet, stating that it was unable to meet the registration requirements of the Dutch regulator.
Binance’s Commitment and Compliance
Despite leaving the Netherlands, Binance emphasized its commitment to working with regulators worldwide. The exchange is focused on becoming fully compliant with the Markets in Crypto Assets (MiCA) regulations. It is worth noting that Binance is already licensed as a VASP in other European countries, including France, Italy, Spain, Poland, Sweden, and Lithuania. Additionally, Binance has submitted an application for approval in Germany.
In an official statement, Binance mentioned that it went through an extensive registration process in the Netherlands and explored alternative ways to serve Dutch residents while complying with regulations. However, these efforts did not result in VASP registration in the country. Binance expressed its intention to continue seeking approval in the Netherlands.
Effective immediately, Binance will no longer accept new users from the Netherlands. Existing Dutch users will only be able to withdraw assets from the platform, as no further purchases, trades, or deposits will be allowed.
Challenges Faced by Binance
Binance is currently facing scrutiny in various countries. The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance US, and Binance’s Cyprus unit has requested removal from the Cyprus Registry of Crypto Asset Service Providers. The reasons behind this deregistration request and its timing remain unknown. Binance had announced its registration with the Cyprus Securities and Exchange Commission in October 2022.
Additionally, there have been rumors circulating that Binance has been spot-marketing bitcoin to support Binance Coin (BNB). However, there is currently no concrete evidence to support these claims.
As of now, the BNB price stands at $237.2.
Featured image from Alexander / Unsplash, chart from TradingView.com