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Binance Refers Dutch Users to Rival Coinmerce as It Exits Netherlands
The world’s biggest crypto exchange said it would quit the Netherlands in June after failing to secure regulatory approval.
Updated Jul 6, 2023, 1:20 p.m. Published Jul 6, 2023, 12:36 p.m.
Binance is referring Dutch customers to rival crypto exchange Coinmerce as it ceases business in the Netherlands, according to a Thursday statement by Coinmerce.
Dutch residents can no longer use Binance’s service after the world’s biggest crypto exchange failed to secure recognition as a virtual asset provider, but has offered its customers a free transfer to its rival, which has been registered by the central bank to offer crypto exchange and wallet services since 2020.
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"Our priority is to ensure an orderly transition,” Jaap de Bruijn, chief executive officer of Coinmerce said in a statement, adding that customers can choose to transfer digital assets to Coinmerce for free under a process supervised by regulators.
Last year Binance was fined 3.3 million euros ($3.6 million) by the Dutch central bank for serving clients in the country without the required authorization. Last month it announced it would take no new customers in the Netherlands, with existing clients unable to deposit, trade or purchase after July 17.
Binance premises were recently raided in France, the company’s flagship center in Europe, in a probe into “aggravated money laundering.” The company and its CEO Changpeng “CZ” Zhao have also been charged by U.S. regulators with operating an unlicensed securities exchange.
A spokesperson for Binance confirmed to CoinDesk it has been working on a "seamless transition" for Dutch users to enable them to transfer to Coinmerce "quickly and securely" should they wish to.
"While we are leaving the Dutch market, Binance remains committed to obtaining the necessary authorizations to reintroduce its products and services to users residing in the Netherlands in the future," the spokesperson said.
Read more: Binance to Quit Netherlands After Failing to Acquire License
UPDATE (Jul 6, 2023, 12:42 UTC): Adds Binance quote.
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