Just-In: Binance Exits Another Country Amid Legal Uncertainty In US

Binance News: The biggest cryptocurrency exchange, Binance on Friday announced that it will be leaving the Dutch market with immediate effect. It cited not being able to register as a VASP with the Dutch regulator as a reason to mark its exit from the country.

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As per Binance, no new users living in the Netherlands will be accepted on the crypto exchange with an immediate effect. However, the existing Dutch users will be allowed to withdraw their assets from the platform from July 17, 2023, while no further purchases or trades will be permitted.

Binance mentioned that it was involved in an extensive registration process in order to gain a virtual asset service provider (VASP) license with the regulator. The exchange even tried to explore different avenues to its foot in the country. Meanwhile, it wasn’t able to gain registration. Read More Binance News Here…

This development comes in when Binance is facing legal challenges from one of the top financial regulators, the U.S. Securities and Exchange Commission (SEC). The commission has charged Binance, Its US arm, and its executives with violating securities. However, the SEC looks to freeze the biggest crypto exchange’s US affiliate’s assets.

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Coingape reported that Binance moved ahead to deregister as a crypto asset service provider in Cyprus amid facing legal challenges from the U.S SEC. However, Cyprus’s securities regulator’s website didn’t flag the actual reason behind the deregistering application.

However, the biggest crypto exchange suggests that it has already been compliant with the EU set standards of preventing money laundering and financing of terrorism. Binance has registered in other countries like France, Italy, Spain, Poland, Sweden and Lithuania.