Cryptocurrency exchange Binance is exiting the Dutch market

 

Cryptocurrency exchange Binance is exiting the Dutch market after its application to register was turned down by authorities.  The world's largest crypto exchange said it failed to meet local registration requirements as a virtual asset service provider. Binance had been operating in the Netherlands without regulatory permission and was fined by the Dutch Central Bank last year for offering crypto services without proper registration. Binance is no longer accepting new users and will halt trading and deposits from July 17 in the country. However, users can still withdraw their assets as advised by Binance. The crypto exchange has successfully registered in several other European countries, including France, Italy, Spain, Poland, Sweden, and Lithuania, to continue its operations. Binance said it also aims to comply with the upcoming Markets in Crypto Assets (MiCA), which will allow registered firms in one EU country to offer services across other member states. The decision comes amid a number of setbacks for Binance, including facing new charges from the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities laws and mishandling customer funds.