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Global cryptocurrency exchange Binance has terminated its services in the Netherlands, making an exit from the Dutch market after a bid to obtain a virtual asset service provider (VASP) license failed.
The termination of services is effective immediately and no new customers from the Netherlands will be able to open a new account with the crypto exchange. From July 17 onwards. existing Dutch customers will only be able to withdraw assets from the Binance platform and no further purchases, trades or deposits will be possible from now.
Binance claimed it explored many alternative avenues to serve the Dutch residents in compliance with Dutch regulations, however, no such avenue offered a way to gain VASP registration.
This is a developing story, and further information will be added as it becomes available.
