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In a statement, representatives of the exchange stressed that the site is in the process of obtaining a license of virtual asset service provider, but despite the “many alternative ways of service,” the regulator did not approve the application. The site will continue to seek permits, but Dutch law currently prohibits Binance.
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As of July 17, residents will not be able to buy and trade assets on the exchange, as well as make deposits. That’s why Binance executives are calling for a timely withdrawal of assets. Each user will receive a detailed letter explaining the situation and the possible ways to withdraw funds.
“Binance already meets EU standards for preventing money laundering and terrorist financing, as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania. The company is committed to working with regulators around the world and preparing for full compliance with the new EU crypto-asset regulations (MiCA),” the site stressed in a statement.
Earlier, the exchange said it was withdrawing from the Cyprus market.