.binance announced it is departing the Netherlands having failed to acquire an anti-money-laundering approval from Dutch regulators.
Binance, the world’s largest cryptocurrency exchange, is leaving the Netherlands, after failing persuade the Dutch regulator to issue a virtual asset service provider license, which attests that it meets anti-money laundering guidelines.
As of July 17, Dutch residents will only be able to withdraw their funds from the platform, according to a statement from the exchange.,” Binance said on its website. “This unfortunately means that no new users residing in the Netherlands will be accepted as of today. Starting from 17 July, 2023, existing Dutch resident users will only be able to withdraw their assets from the Binance platform. No further purchases, trades or deposits will be possible.
Europe has generally been receptive to crypto exchanges and their anti-money laundering efforts. Binance is already AML compliant in France, Italy, Spain, Poland, Sweden and Lithuania. Two days ago, the exchange said it planned to leave Cyprus to focus on becoming fully compliant with the new European Union rules on crypto-assets .
Binance said it has been in a comprehensive registration application process as a virtual asset service provider with the regulator. “Although Binance explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time.
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