Global cryptocurrency exchange Binance has reached an agreement with Coinmerce to refer its users as the firm winds down operations in the Netherlands.
In a July 6 blog post, Dutch crypto exchange Coinmerce said hundreds of thousands of users based in the Netherlands would be referred from Binance, giving them the chance to transfer their digital assets to the platform for free. Binance announced in June that it would be largely halting its services for Dutch users on July 17, citing a failure to obtain a virtual asset service provider license in the country.
“We offer these [Binance] users an equivalent platform that complies with all European laws and regulations,” said Coinmerce co-founder Nick Smits van Oyen. “The transition will be smooth and […] in consultation with Binance we have made the transition for users as easy as possible.”
Coinmerce & Binance bundelen de krachten voor een krachtige gemakkelijke overstap.
— Coinmerce (@coinmerce) July 6, 2023
In April 2022, the central bank of the Netherlands fined Binance Holdings roughly $3.3 million for offering crypto services without proper registration. At the time, the bank said the exchange had a “very large number of customers in the Netherlands.”
While the major crypto exchange continues to expand its operations to other countries, including Kazakhstan, authorities in certain jurisdictions have been cracking down on Binance. In the United States, the global exchange has been named in lawsuits from the Securities and Exchange Commission and Commodity Futures Trading Commission. Binance’s French arm is also reportedly under investigation.