NNA – The largest cryptocurrency exchange Binance said Friday it was leaving the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.
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A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said the company had tried quot;many alternative avenuesquot; to meet Dutch registration requirements.
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quot;While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators,quot; they said.
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The company said that starting July 17, trading in the Netherlands will be halted and existing Dutch users will only be able to withdraw assets from its platform.
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The Dutch Central Bank (DNB), which registers financial service providers in the Netherlands said it had previously warned the company it was operating in the Netherlands without proper registration, and then fined it for the same reason in January.
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Earlier, Binance reported it has received registration in France, Italy, Spain, Poland, Sweden and Lithuania, and will continue to operate there.
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Nevertheless, apart from the Netherlands, the crypto exchange also plans to quit Australia, Canada and Cyprus in the near future. — RT
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