The world’s largest crypto exchange, Binance recently announced its exit from the Dutch market due to its inability to register as a VASP with the regulatory authorities. Reports suggest that the crypto exchange might have been forced to move out. However, Binance’s chief issued a statement addressing the concern.
De Nederlandsche Bank (DNB), the central bank of the Netherlands fined Binance $3.3 million for operating without registration. The authority now decided not to grant the biggest crypto exchange with a VASP license to operate.
It is important to note that there are several exchanges that continue to operate in the Netherlands without registration. As of now, US’s biggest exchange, Coinbase Global Inc (NASDAQ: COIN) managed to gain a VASP license in the country. Meanwhile, Binance decides to withdraw from the market. It is being speculated that the Dutch Central Bank might have threatened the exchange to face a heftier fine than before.
Responding to speculations, Binance CEO, Changpeng Zhao (CZ) stated “No Beed” but that their crypto exchange is large and complex. He mentioned that there are around 50 simple local VASP license holders which should provide decent access to crypto.
Amid facing regulatory complications from the U.S. Securities and Exchange Commission (SEC), Binance was focusing on gaining clarity in European nations. However, the biggest crypto exchange’s latest move left the users thinking of the uncertain future of the digital assets market.
Binance has been able to gain just approval to operate in an EU country under the current regulatory regime. The exchange received such approvals in France, Italy, Poland, Lithuania, Spain, and Sweden.