Binance has just announced it is leaving the Netherlands “with immediate effect” and has asked its users to withdraw funds as soon as possible.
The crypto exchange is departing the Dutch market after failing to secure a virtual asset service provider (VASP) license.
The termination of is effective immediately and no new Dutch customers will be able to open a new account with the crypto exchange.
From 17 July onwards, existing Dutch customers will only be able to withdraw assets from the Binance and no further purchases, trades or deposits will be possible from today.
In a statement, Binance 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.”
The exchange added: “Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take.
“While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.”
Renowned Dutch crypto trader Michaël van de Poppe has since reacted to the news…