- Local clients of the exchange have until July 17 inclusive to close all positions
- After that, funds can only be withdrawn from the platform
- Binance says it has explored all alternatives but hasn’t found a suitable solution
This morning, June 16, the Binance cryptocurrency exchange announced that it was forced to leave the Netherlands market. After July 17, local clients of the company will only be able to withdraw their funds from the platform, deposit replenishment and trading will not be available to them.
Also in the exchange notedthat all customers affected by this change will receive an email with guidance. Traders Twitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial" target="_blank" rel="noreferrer noopener nofollow">urge liquidate all positions before July 17 inclusive, otherwise it will be done by force.
The reasons for the refusal in the Netherlands are not disclosed by the companies. Prior to this, Binance received pre-approval in France, Italy, Spain, Sweden, Poland, and Lithuania.
“While Binance has explored many alternative ways to serve the people of the Netherlands in accordance with current legislation, this has not resulted in a Virtual Asset Service Provider (VASP) license.” — emphasized in the company.
And although the exchange will continue to interact with the local regulator, the chances that its decision will change are rather low. At the same time, the company is working diligently to “bring in compliance” its business to the MiCA standards.
If you want to know more about the new legal realities for crypto companies in the EU, we have an article on the subject. Note that it was prepared specifically for Incrypted readers by the Juscutum team.