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Last week, the crypto exchange Binance was forced to exit the dutch market following an attempt of obtaining a Virtual Asset Service Provider (VASP) from the regulator in Netherland.
According to cryptonews.com, Binance crypto exchange has decided to withdraw from the Dutch market following an unsuccessful attempt to obtain a virtual asset service provider (VASP) license from the Dutch regulator.
Binance is no longer accepting new users from Netherlands to register.
The Hardships
This is not the first time the crypto exchange Binance is facing hardships in recent months.
While Binance has been attempting to figure out the best approach to continue providing services to citizens of Netherlands in compliance with the country's regulations but unfortunately Binance was not able to get a VASP registration in Netherlands.
Adding to that, Binance was already forced to shut down its services in multiple other countries that include Australia, Canada, Nigeria and Cyprus.
Moreover, Binance is also under some trouble with the Securities and Exchange Commission in United States.
EU and Crypto Regulations
The European Union also is aiming to bring the crypto assets, issuers and exchanges under a strict regulatory framework the MiCA, Markets in Crypto Assets regulations, adopted on May 2023.
Binance has noted that the exchange could face more hardships in the coming months while it is already compliant with EU standards on the prevention of money laundering and financing of terrorism.
Tge crypto exchange Binance is registered and operating in a number of EU countries including France, Spain, Poland, Italy, Sweden and Lithuania.
However, the French unit of Binance found itself under investigation for allegedly providing digital asset services in a manner that is not legal and involved in acts of aggravated money laundering, according to reports by Coindesk.
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