Users in the Netherlands may choose to transfer funds from Binance to Coinmerce, according to Coinmerce CEO Jaap de Bruijn in a blog post. Coinmerce was chosen as the company’s local partner as it prepares to quit the Dutch market owing to regulatory reasons. Binance is closing its operations in the Netherlands and other European jurisdictions while facing lawsuits in the United States.
Coinmerce, a Dutch crypto exchange, is an option for Binance users wishing to withdraw funds as the crypto industry’s largest exchange exits the Netherlands owing to licencing issues.
Binance’s pullout from the Dutch market comes after the Dutch central bank issued a 3.3 million euro ($3.6 million) penalty on the exchange. Binance received the fine as a result of serving clients in the country without the necessary authorization. Binance responded by announcing last month that it would no longer accept new Dutch customers and that existing clients would be unable to deposit, trade, or make purchases after July 17.
The recent attack on Binance’s main centre in Europe, located in France, exacerbated the cryptocurrency exchange’s problems. The raid was carried out in connection with an inquiry into suspicions of “aggravated money laundering.” Furthermore, Binance and its CEO, Changpeng “CZ” Zhao, have been charged by US officials with operating an unauthorised securities exchange.
Despite Binance’s departure from the Dutch market, a representative confirmed the exchange’s intention to get the relevant authorizations in the future. The representative claimed, “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.”
As Binance departs the Netherlands, Coinmerce remains a reputable and regulated alternative for Dutch people seeking cryptocurrency exchange and wallet services. With its central bank registration and endorsement, Coinmerce is ready to meet the needs of Binance’s departing clients while maintaining its commitment to offering secure and compliant crypto services.