Global crypto exchange Binance has decided to terminate its services in the Netherlands and withdraw from the market after unsuccessfully applying for a virtual asset service provider (VASP) license. .
The decision to terminate the service is effective immediately and does not allow new customers from the Netherlands to open accounts on the cryptocurrency exchange. From July 17 onwards, existing customers in the Netherlands can only withdraw assets from the Binance platform and cannot make trades or purchases.
Binance has stated that it has searched for various alternatives to continue serving the Dutch people and comply with local regulations, but to no avail.
Currently, Binance is emailing Dutch customers to provide details on the next steps they need to take with their Binance accounts.
Previously, in April 2022, Binance was fined more than $3 million for operating in the Netherlands without the necessary license and registration. The Dutch central bank at the time said that Binance had a large customer base in the country and a significant daily trading volume, hence a hefty fine.