Cryptocurrency exchange Binance is exiting the Dutch market after failing to obtain a virtual asset service provider (VASP) license in the Netherlands. Existing Dutch resident users will only be able to withdraw assets from the platform starting from 17 July. Binance is also under investigation in France for providing virtual asset services without regulatory approval and for alleged money laundering.
Facts
- Binance exits the Netherlands after failing to secure a VASP license.
- Existing Dutch users can only withdraw assets from Binance after 17 July.
- Binance explored alternative avenues to comply with Dutch regulations but was unsuccessful.
- Binance faces an investigation in France for providing virtual asset services without regulatory approval.
- The Paris prosecutor’s office is investigating Binance for “aggravated” money laundering.
- Binance claims to be compliant with EU standards on money laundering prevention and terrorism financing.
- Binance and its founder, Changpeng Zhao, confirm a surprise on-site visit by French regulators and assert compliance with French laws.Binance exits Netherlands; under investigation in France
