July 28, 2023 at 15:01 GMTModified date: July 28, 2023 at 15:01 GMT
July 28, 2023 at 15:01 GMT

Crypto.com secures registration in Netherlands

Crypto.com has successfully obtained official registration as a crypto service provider from De Nederlandsche Bank (DNB). 

Amsterdam, the Netherlands. Pic: Unsplash

Crypto.com has successfully obtained official registration as a crypto service provider from De Nederlandsche Bank (DNB). 

Having obtained official registration from the Dutch apex bank, Crypto.com can now offer a diverse array of services to its customers, including providing cryptocurrency custodial services and facilitating virtual currency exchanges.

Kris Marszalek, CEO of Crypto.com, emphasised the importance of working with regulators on the industry’s advancement.

“Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com,” he said.

He also commented on the company’s latest license which will enable it to provide crypto services to customers in the Netherlands.

“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”

The new license adds to a growing list of regulatory approval garnered by the exchange. It previously received its Major Payment Institution (MPI) license for Digital Payment Token (DPT) and MPI from the Monetary Authority of Singapore. Additionally, it obtained registration as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France, approval from the UK Financial Conduct Authority (FCA), and approval of its MVP Preparatory License from the Dubai Virtual Assets Regulatory Authority (VARA).

Crypto.com’s registration a triumph amidst Binance challenges

The news comes as a significant triumph for Crypto.com, particularly given the challenges competitors have faced in becoming a registered crypto service provider in the Netherlands.

Binance was forced to cease operations in the Netherlands after failing to acquire an operational license in June.  

In a statement expressing its disappointment, the exchange said: “Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator…Although we explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.

“Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.”

As a consequence, Binance made the decision to discontinue new customer sign-ups from the Netherlands and announced that existing customers would retain the ability to make withdrawals only, with trading and further deposits no longer available to them.

Binance also suffered similar regulatory setbacks in Germany after regulator Federal Financial Supervisory Authority (BaFin) denied its application for a custodial license. 

More recently, Australian regulators raided the exchange’s office as part of a probe into its activities.