Binance Exits Dutch Market, Fails to Obtain License

AMSTERDAM, NL – Binance has decided to withdraw from the Netherlands due to its failure to secure a virtual asset service provider (VASP) license from the Dutch regulator. The license is essential for meeting anti-money laundering (AML) guidelines. While Binance is licensed in many European countries, it could not obtain the VASP license at this time. The company did not disclose reasons failure to acquire the license.

We regret to announce that Binance is leaving the Dutch market as we have been unable to register as a VASP with the Dutch regulator.

We continue to be committed to working collaboratively with regulators around the world and are additionally focused on getting our business…

— Binance (@binance) June 16, 2023

Starting from July 17, 2023, Dutch residents will only be able to withdraw their funds from the platform, while new users residing in the Netherlands will no longer be accepted. Binance has urged existing Dutch users to withdraw their assets from their accounts, as further purchases, trades, or deposits will no longer be possible.