Binance wants ‘fewer regulated EU entities,’ leaves Netherlands after Cyprus

Binance is winding down operations in multiple EU countries, which it says is a response to the bloc’s MiCA crypto regulations

article-image

Grey82/Shutterstock modified by Blockworks

share

Binance is exiting the Netherlands as it encountered challenges in registering as a virtual asset service provider in certain EU countries.

Despite efforts to comply with regulators and cater to Dutch clients, the crypto exchange couldn’t secure registration, a spokesperson told Blockworks.

Netherlands-based customers received an email on Friday stating that crypto deposits would be disabled starting next month. They were also advised against sending any cryptocurrencies to previously saved addresses. NFT trade and NFT staking will be blocked from Jul. 12.

Dutch users will only have the option to withdraw assets from the Binance platform after Jul. 17. Purchases, trades, and deposits will no longer be available, while open positions for various Binance products will be closed.

A Binance spokesperson said the recent development signifies that starting today, no new users residing in the Netherlands will be accepted, and added that the exchange will continue to work towards obtaining authorization to provide services in the country.

Meanwhile, Binance’s Cyprus unit applied to be removed from the country’s register of crypto asset service providers this week.

“We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months. To that end, we have made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU, especially our larger registered markets where we already have a mature footprint, including France, Italy and Spain,” a spokesperson said.

“Binance will continue to comply with applicable laws of the European Union.”

The EU Parliament’s approval of the Markets in Crypto Assets (MiCA) regulation is expected to broaden banking services available to crypto firms.

Binance withdrew from the Canadian market last month due to the introduction of new stablecoin guidance and investor limits imposed on crypto exchanges.

Meanwhile in the US, Binance, its CEO Changpeng Zhao and affiliates face sweeping lawsuits from both the Commodities Futures Trading Commission and the Securities and Exchange Commission.

Katherine Ross contributed reporting.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says

article-image

2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year

article-image

“Iran Unchained” launched a new version of its grant platform to make donations to activists easier

article-image

The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange

article-image

Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important

article-image

Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says