Binance is pulling out of the Netherlands, but it’s not leaving its Dutch users stranded. The company has partnered with Coinmerce to help its Dutch users transfer their funds to the new platform.
A free transfer of their digital assets to Coinmerce’s platform is being made available to thousands of Binance users living in the Netherlands by the Dutch cryptocurrency exchange.
This follows Binance’s July 17 announcement that it will primarily stop providing its services to Dutch consumers due to the country’s failure to obtain a virtual asset service provider license.
Binance users who want to move their assets to Coinmerce will be sent an email with instructions on how to do so. The transfer process is said to be easy and safe.
The Dutch central bank fined Binance $3.3 million in April 2022 for operating in the Netherlands without a license. The bank said that Binance had a large number of customers in the country.
Binance is expanding its operations to new countries, but it is also facing regulatory scrutiny in some jurisdictions. In the United States, the Securities and Exchange Commission and Commodity Futures Trading Commission have filed lawsuits against Binance. The exchange’s French arm is also reportedly under investigation.