Binance Exits Netherlands Handing Users to Coinmerce Exchange

• The transfer of customers to Coinmerce will be monitored by the Dutch Central Bank.
• Binance is complying with the new MiCA regulations in the European Union.

Since the Dutch authority did not grant Binance a virtual asset service provider (VASP) license certifying that it complies with anti-money laundering (AML) requirements, the world’s biggest cryptocurrency exchange has decided to leave the country.

The exchange said in a statement that as on July 17, only Dutch citizens may make withdrawals. Following Binance Netherlands’ impending closure. Coinmerce will become the largest exchange in the Netherlands by absorbing thousands of customers, assets, and offerings from Binance Netherlands.

Smooth Transition

Binance customers may now easily and at no cost transfer their digital assets to Coinmerce, a cryptocurrency exchange that is known for its user-friendliness. The transfer of Binance customers to Coinmerce will be monitored by the Dutch Central Bank.

The European Union usually supports cryptocurrency trading platforms’ efforts to combat money laundering. In France, Italy, Spain, Poland, Sweden, and Lithuania, Binance satisfies all requirements for anti-money laundering. The exchange announced its intention to relocate from Cyprus earlier. Citing the need to comply with the new regulations on crypto-assets (MiCA) in the European Union.

Binance has said that it has been involved in a thorough registration application procedure with the authority in order to operate as a virtual asset service provider.

Despite extensive efforts, Binance has not yet been approved as a VASP in the Netherlands. This is despite the fact that the company has investigated several other options for serving Dutch citizens in accordance with local laws.

It has been announced that the exchange will maintain communication with Dutch authorities. Existing users who are residents of the Netherlands will get an email explaining the implications of this change for their Binance accounts and any assets they may hold.

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