- Local exchange customers have until July 17 inclusive to close all positions
- After that, it will only be possible to withdraw funds from the platform
- Binance said that it has reviewed all alternatives, but found no suitable solution
The Dutch cryptocurrency exchange Binance announced this morning, June 16, that it was forced to leave the market.. After July 17, local clients of the company will only be able to withdraw their money from the platform, deposits and trading will not be available to them.
The exchange also noted that all customers who are affected by this change, will receive an e-mail with management. Traders are urged to liquidate all positions by July 17, inclusive, otherwise it will be done by force.
The reasons for the refusal in the Netherlands companies did not disclose.. Binance had previously received preliminary approval in France, Italy, Spain, Sweden, Poland and Lithuania.
“Although Binance has explored many alternative ways to serve Dutch residents under current law, this has not resulted in a virtual asset service provider (VASP) license,” the company stressed.
Although the exchange will continue to engage with the local regulator, chances are pretty low that its decision will change. At the same time, the company is working hard to “bring its business into compliance” with MiCA standards.
If you want to learn more about the new legal realities for cryptocurrency companies in the EU, we have an article on the subject. Note that it was prepared especially for Incrypted readers by the Juscutum team.