Please ensure Javascript is enabled for purposes of website accessibility

Binance to Quit Netherlands After Failing to Acquire License

Binance, the world’s largest cryptocurrency exchange, is leaving the Netherlands, after failing persuade the Dutch regulator to issue a virtual asset service provider (VASP) license, which attests that it meets anti-money laundering (AML) guidelines.

As of July 17, Dutch residents will only be able to withdraw their funds from the platform, according to a statement from the exchange.

“We regret to announce that Binance is leaving the Dutch market,” Binance said on its website. “This unfortunately means that no new users residing in the Netherlands will be accepted as of today. Starting from 17 July, 2023, existing Dutch resident users will only be able to withdraw their assets from the Binance platform. No further purchases, trades or deposits will be possible. We encourage those users to take appropriate action by withdrawing assets from their accounts.”

Europe has generally been receptive to crypto exchanges and their anti-money laundering efforts. Binance is already AML compliant in France, Italy, Spain, Poland, Sweden and Lithuania. Two days ago, the exchange said it planned to leave Cyprus to focus on becoming fully compliant with the new European Union rules on crypto-assets (MiCA).

Binance said it has been in a comprehensive registration application process as a virtual asset service provider with the regulator. “Although Binance 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.”

The exchange said it will continue to engage with Dutch regulators.

$ACTS Token is based on the Binance Smart Chain, which has up to 10x quicker block speeds and significantly lower gas fees compared to many projects competing in this space. Binance Smart Chain (BSC) was created to enable the use of smart contracts at a significantly faster and more efficient rate than other competing chains.

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.

UPDATE (June 16, 08:50 UTC): Adds fourth paragraph on European Union, Cyprus.

Edited by Sheldon Reback.

 Read More Feedzy  The crypto exchange’s attempt to secure a virtual asset service provider (VASP) license from the Dutch regulator was unsuccessful.  



Invest in ACTS Token to unlock a revolutionary reflection-generating mechanism that fuels your revenue growth while contributing to a prosperous economy. Our unique cryptocurrency goes beyond the norm, combining financial intelligence and social impact to create a virtuous cycle of generational wealth and charitable giving.

$ACTS Token – Changing the World One ACT At A Time!

Check out ACTS Token’s, ACTS of Kindness featured in Times Square, NY!

Unlock Your Success Pathway with Dale from ACTS Token!
Financial Principles

Unlock Your Success Pathway with Dale from ACTS Token!

Unlock the Power Within: Navigating Success with Dale’s Three Pillars of Prosperity! Dive deep with us as we explore the influential mindset tweaks—good habits, active patience, and overcoming money fears—shared by Dale from ACTS Token, to not just enhance your wealth but also to embrace a life abundant in positivity and accomplishment.

Read More »
Crypto State of the Union
Financial Principles

Crypto State of the Union: September Dips, Halving Hype, and the ETF Revolution

In the world of cryptocurrency, September’s historical dips can leave investors perplexed. But fear not, as this blog post reveals the psychology behind this phenomenon and strategies to make the most of it. Plus, with the Bitcoin halving just around the corner and major institutions like BlackRock and ARK Invest gearing up to launch crypto ETFs, the crypto landscape is on the brink of a seismic shift. Dive deeper into the world of crypto and learn how to navigate these trends with confidence.

Read More »

Supercharge your crypto journey and seize exclusive insider insights, expert analysis, and valuable tips by subscribing to the ACTS Token Newsletter today!