Binance Exits Dutch Market As Coinmerce Fills Void
Following July 17, existing Dutch customers will no longer have the ability to deposit, trade or make purchases on Binance, but is given the opportunity to move seamlessly onto Coinmerce.
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Binance, the largest cryptocurrency exchange, has established an agreement with Coinmerce, a Dutch cryptocurrency exchange and a registered entity with the Dutch Central Bank, to offer an easy transition for Binance clients to Coinmerce as part of Binance’s ongoing exit from the Dutch market slated for July 17.
Coinmerce is set to absorb thousands of Binance Netherlands users, assets and products, leading it to become the biggest exchange in the Netherlands:
“As a Dutch party, Coinmerce’s core strategy is to provide the most accessible platform possible.”
Coinmerce is distinguished for its accessibility, and with this new transition, Binance users are offered a smooth transition of their digital assets to Coinmerce at no extra cost. This handover of Binance clientele to Coinmerce will be supervised by the Dutch Central Bank, ensuring a smooth transition.
Coinmerce has been providing secure and easy-to-use crypto trading and storage services in the Netherlands and 11 other countries since 2018. The Dutch exchange boasts over 100 million unique wallet addresses.
Jaap de Bruijn, Coinmerce’s CEO, stated, “Our priority is to ensure an orderly transition. Urgent treatment of these users is necessary. The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled transition.”
Binance further stated that Coinmerce is a trusted exchange in the Dutch market, expressing trust in its secure platform and commitment to a safe trading environment.
Moving customers seamlessly to a Dutch exchange is only fair considering the rocky relationship between Binance and the Dutch National Bank.
Binance was hit with a hefty fine of 3.3 million euros ($3.6 million) by the Dutch Central Bank for operating in the country without the necessary authorization:
“The violations occurred over a long period of time: since May 21, 2020 (date of introduction of the registration requirement) until at least December 1, 2021 (date of end of investigation by DNB). DNB therefore considers these violations to be very serious.”
Consequently, Binance was forced to stop onboarding new clients from the Netherlands, with a closure of Binance Netherlands to follow. Existing Dutch customers will no longer have the ability to deposit, trade or make purchases as of July 17, 2023.