Cryptocurrency Exchange Binance Exits Dutch Market After Failing to Obtain VASP License
Binance exchange is facing regulatory issues in various legal jurisdictions. The latest country where Binance has opted to exit is Netherlands. The exchange platform was attempting to acquire a VASP or virtual asset service provider license in the Dutch territory.
The firm has already filed for a reversion of the practice license in Cyprus while aiming to restructure in accordance with the MiCA laws.
The news about the exit from Netherlands has been confirmed by the official Twitter account of Binance. To this end, the firm has also maintained that it intends to work in tandem with the regulators around the globe.
It means that consumers in Netherlands can no longer apply for new account registration on Binance. At the same time, the exchange has also stopped making new purchases, trades, and deposits.
Binance Directs Dutch Customers to Withdraw their Funds
Binance has added a new update on its website. According to this website, Binance has directed the consumers of the exchange hailing from the Dutch markets to withdraw their funds and cryptocurrency reserves out of Binance accounts.
In the recent times, regulatory pressure on Binance has continued to increase. All the while, Binance officials have been attempting to cooperate with the Dutch officials in order to remain operational.
However, the exchange was unable to acquire VASP license in Netherlands. At present, Binance is getting sued by SEC in the United States and on the other hand the firm is under investigation in France for money laundering.
On the other hand, Binance is facing pushback from regulators in many sovereign territories such as Nigeria, Cyprus, Australia, and Canada. Meanwhile, the regulatory troubles for Binance in USA are extended to Binance CEO CZ, Binance.US, and Binance international exchange.
Binance exchange is currently active in a number of EU territories such as France, Italy, Lithuania, Sweden, Poland, and Spain. However, EU authorities have currently introduced a set of more stringent cryptocurrency regulations under the Markets in Cryptoassets or MiCA laws.
It could mean that Binance exchange can face some regulatory push back in the future. However, Binance officials have maintained that the firm is already compliant with the new EU regulations.
Nevertheless, Binance has found itself in hot waters with the French regulators. Regardless of these changes, Binance native token BNB has remained trading in the green. Data projections from CoinMarketCap have indicated that BNB has gained 4.5% in the last 24 hours.
Meanwhile, on the MTD month-to-date chart BNB price fell by 20%. It started at a price point of $304 and currently fairing at $245 per unit.
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