Binance Netherlands exit — Dutch central bank says registration failings are confidential
The details behind Binance’s failed efforts to register for a virtual asset service provider (VASP) license in the Netherlands remain unclear due to the confidentiality requirements of the Dutch central bank’s supervisory laws.
On June 16, Binance announced it would terminate its services in the Netherlands with immediate effect, having failed to get the all-clear from De Nederlandse Bank (DNB). From July 17, Dutch customers will only be able to withdraw assets from the platform, while trading and deposits were stopped on the date of the announcement.
Binance claimed it had undergone a “comprehensive registration application process” to obtain a VASP license in the Netherlands and explored “alternative avenues” to serve Dutch residents in the country. The exchange indicated that it would continue its effort to obtain authorization to provide its services and products in the country.
Cointelegraph reached out to Tobias Oudejans, DNB press officer for supervision, fintech, cryptocurrencies, resolution and payment systems, to ascertain the final details of Binance’s failed registration efforts.
Oudejans said the central bank could not share more details about Binance’s registration due to legal requirements of supervisory laws:
Oudejans added that the DNB wanted to stress that its perceived silence over this specific supervisory outcome and similar issues “might wrongly be attributed to an unwillingness to comment,“ but was necessitated by Dutch laws.
Binance would have joined a list of 35 VASPs registered with the DNB. This includes the likes of Coinbase Custody International, Coinbase Europe, eToro (Europe), BitPay and Bitstamp.
Related: EU’s new crypto law: How MiCA can make Europe a digital asset hub
Oudejans said VASP
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