Cryptocurrency exchange Gemini has announced its decision to discontinue operations in the Netherlands due to its inability to meet regulatory requirements.
Gemini is set to exit the Dutch market by November 17, 2023, following in the footsteps of Binance. The company attributes its departure to its inability to meet the regulatory demands imposed by the De Nederlandsche Bank (DNB). However, Gemini expressed its intention to return to the Dutch market in the future.
In a letter addressed to its Dutch users on September 26, 2023, Gemini requested that they either withdraw their assets or transfer them to another wallet address. The platform plans to suspend its operations in the Netherlands by November 17, in line with the DNB’s requirements.
The letter explicitly states: “We kindly ask you to proceed in emptying your Gemini account, ensuring that you no longer have a balance on your account as of 17th November 2023.” Gemini also suggested that users consider transferring their funds to the local crypto exchange Bitvavo, which is registered with the DNB. Bitvavo, based in Amsterdam, has been in operation since 2018 and is a member of the Dutch Association of Bitcoin Companies.
Gemini has outlined its plans to return to the Dutch market once it has prepared its business to achieve full compliance with the new regulations governing crypto assets, as outlined in the Markets in Crypto-Assets regulations (MiCA).
This move by Gemini follows a similar decision by its global competitor, Binance, in the summer of 2023. Binance ceased operations in the Netherlands due to its failure to obtain clearance from the DNB. Officials from the DNB suggested that Binance could potentially restart its Dutch operations by complying with MiCA, which aims to harmonize the EU’s requirements for cryptocurrency companies.
As of the announcement, 37 virtual asset providers are registered with the DNB, including well-known platforms such as eToro, Coinbase, Crypto.com, and BitPay.
