Crypto trader Binance pulls out of Dutch market in licence spat

Crypto currency exchange giant Binance is pulling out of the Dutch market after failing to win a licence from the Dutch central bank.

No more people from the Netherlands can sign up to use Binance’s services with immediate effect and from July 17 they will only be able to remove their assets from the platform.

Last year Binance was fined €3.3 million by the central bank for offering crypto trading services without the proper papers.

Companies which trade in crypto currency have been required to register since May 2020 under legislation aimed at stopping money laundering and the financing of terrorism.

“While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators,” the company said. “Binance will continue striving to obtain authorizations to provide our products and services to users in the Netherlands.”

Binance says it is compliant with EU standards on the prevention of money laundering and financing of terrorism and has registrations in a number of countries, including France, Italy, Spain, Poland, Sweden and Lithuania.

The company was banned in the US in 2019 and has since set up a subsidiary Binance US to operate there. However, last week, US regulators charged the US unit with violating securities laws and sought to freeze its assets. Binance.US has “vigorously denied” the charges.