Binance Suspends Operations In The Netherlands After Failing To Obtain Regulatory License

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binance suspends operations in the netherlands after failing to obtain regulatory license 3e3c593

DIKSIA.COM - exchange platform has decided to exit the after the country's rejected its application.

“We are no longer able to serve our customers in the as we have not been approved by the Dutch regulatory authorities to register as a VASP,” wrote on its official blog on Saturday (17 June 2023).

Also, after July 17, 2023, Binance will stop allowing users to purchase, trade, and deposit tokens, but withdrawal functionality will remain active.

“We encourage users to withdraw funds from their accounts,” Binance said.

The Dutch Central Bank, which is responsible for licensing new virtual asset service providers, could not be reached for comment.

Binance continues operations in several European countries

Under the current regulatory regime, Binance can only obtain approval to operate in European countries registered under anti-money laundering regulations.

The company has so far obtained such approvals in France, Italy, Spain, Poland, Sweden and Lithuania.

Nevertheless, Binance remains committed to cooperating with regulators around the world.

The latest blow to Binance is the U.S. Securities and Exchange Commission (SEC) suing Binance and CEO Changpeng Chao for engaging in the offering and sale of unregistered securities and conflating investor money with its own. It continues.

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