Binance, one of the world’s largest cryptocurrency exchanges, has announced its exit from the Dutch market, with operations ceasing on July 17. To ensure a smooth transition for its Dutch users, Binance has entered into an agreement with Coinmerce, a local rival platform.
Coinmerce, a registered crypto exchange and wallet service provider in the Netherlands, will become the largest cryptocurrency exchange in the country in terms of products, assets, and users. Binance will refer its “hundreds of thousands” of Dutch users to Coinmerce, allowing them to continue their crypto trading activities.
Jaap de Bruijn, CEO of Coinmerce, emphasized the importance of an orderly transition and assured users that their crypto assets from Binance would be securely transferred to Coinmerce through a controlled process.
Binance’s decision to exit the Dutch market comes after it failed to obtain a virtual asset service provider (VASP) license from the local regulatory authorities. The exchange has already halted onboarding new Dutch residents as customers, and existing users are advised to withdraw their funds before the termination deadline.
Coinmerce co-founder Nick Smits van Oyen expressed pride in the partnership with Binance and assured users that the transition would comply with European laws and regulations. Users will receive an email from Binance outlining the step-by-step process for a seamless transfer to Coinmerce.
The move highlights the evolving regulatory landscape for cryptocurrency exchanges and the importance of compliance as the industry continues to mature.
