April 19, 2024
Latest Cryptocurrency News

Binance Redirects Dutch Customers to Rival Coinmerce after Ceasing Operations in the Country

After deciding to wrap up operations in the Netherlands, Binance, the world’s largest cryptocurrency exchange, is directing its Dutch customers to Coinmerce, a rival crypto exchange. This was confirmed in a statement by Coinmerce on Thursday, July 6.

Binance was unable to secure recognition as a virtual asset provider in the country, leading to the suspension of its services for Dutch residents. However, Binance is offering its customers a free transfer option to Coinmerce, which has been registered with the central bank since 2020 and is authorized to provide crypto exchange and wallet services.

Coinmerce CEO, Jaap de Bruijn, emphasized the importance of ensuring a smooth transition for customers, stating that the company’s priority is to facilitate an orderly transfer. Customers have the option to transfer their digital assets to Coinmerce at no cost through a regulated process. Binance had previously faced legal consequences for operating without authorization in the Netherlands and was fined 3.3 million euros ($3.6 million) by the Dutch central bank. In response, Binance announced last month that it would no longer accept new customers from the Netherlands and that existing clients would be unable to deposit, trade, or make purchases after July 17.

Recently, Binance’s premises in France, its flagship European centre, were raided in connection with an investigation into alleged aggravated money laundering. Furthermore, the company and its CEO, Changpeng “CZ” Zhao, have faced charges from American regulators for operating an unlicensed securities exchange.

In light of these developments, a Binance spokesperson confirmed to CoinDesk that the company has been working on a seamless transition for Dutch users, enabling them to transfer their funds to Coinmerce quickly and securely if they choose to do so. The spokesperson also expressed Binance’s commitment to obtaining the necessary authorizations in the future to reintroduce its products and services to users residing in the Netherlands.

Image by natanaelginting on Freepik

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