Binance crypto exchange failed to obtain a crypto license to provide crypto services in the Netherlands.
The Netherlands is a country located in northwestern Europe with overseas territories in the Caribbean. Under the current jurisdiction of this country, crypto trading is legal & also crypto companies are allowed to establish their business in compliance with the country’s financial regulators.
On 16 June 2023, the Binance exchange announced that the platform decided to quit the Dutch crypto market and also requested that Netherlands-based customers withdraw their funds.
“We regret to announce that Binance is leaving the Dutch market. With immediate effect, no new users residing in the Netherlands will be accepted,” the announcement read.
Binance confirmed that its team tried every possible way to provide crypto services to the Dutch crypto investors but failed, as failed to secure VASP registration in the Netherlands at this time.
Despite this failure, Binance will remain engaged to obtain regulatory approval, so that it can again bring its services to the country.
Few experts noted that it was a really strange thing for Binance because the exchange is already able to comply with the regulatory measures in several EU nations, including France, Italy, Spain, Poland, Sweden, and Lithuania, particularly regarding their AML protocols.
Investigation against Binance in France
Just a day ago, several media reports confirmed that Binance is facing Investigation in France. Allegedly Binance helped money laundering activities.
Binance exchange also confirmed that some investigations are going on but failed to disclose the actual matter.
Over the past several years, Binance contributed to government-level investigations to catch the bad actors & stop illicit crypto financial activities.
Binance vs SEC
Around 10 days ago, Binance’s American subsidiary BinanceUS sued the United States Securities Exchange Commission (SEC) over operating an unregistered national securities exchange.
The SEC agency initiated 13 charges against Binance, BinanceUS & Binance CEO Changpeng Zhao (CZ).