Binance is leaving the Dutch market, the crypto firm announced today.

With immediate effect, no new users residing in the Netherlands will be accepted. Starting from 2023-07-17 at 00:00 UTC (2023-07-17 at 02:00 UTC+2), existing Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchases, trades or deposits will be possible.

Binance encourage users to take appropriate action by withdrawing assets from their Binance accounts.

Binance has been in a comprehensive registration application process as a virtual asset service provider (VASP) with the Dutch regulator. Although it explored many alternative avenues to service Dutch residents in compliance with Dutch regulations, unfortunately this has not resulted in a VASP registration in the Netherlands at this time. Binance says it will continue striving to obtain authorizations to provide its products and services to users in the Netherlands.

Binance is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania. Binance continues to be committed to working collaboratively with regulators around the world and is additionally focused on getting its business ready to be fully compliant with the new EU rules on crypto-assets (MiCAR).

Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take. While Binance is disappointed that this has become necessary, it will continue to engage productively and transparently with Dutch regulators.