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Steve Muchoki
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The leading cryptocurrency exchange in the world in daily traded volume, registered users, and Bitcoin’s liquidity Binance has faced several regulatory headwinds around the world since the implosion of FTX and Alameda Research late last year. The exchange, which has its roots in China, could be a victim of the ongoing geo-political differences between the BRICS nations and the G7 alliance. Moreover, Binance has failed to obtain proper crypto regulatory licenses in the United States, the United Kingdom, and some European countries including the Dutch market.
Binance Agrees to Orderly Exit from Dutch Market
According to a report from Dutch-based cryptocurrency exchange Coinmerce, Binance users are expected to have a free transfer before July 17. According to the announcement from the Dutch-based exchange, Binance reached an agreement with the Coinmerce platform to allow hundreds of thousands of Dutch crypto users to freely transfer their assets. The direct referral of Coinmerce by Binance will enable it to become the largest crypto asset exchange in the Dutch market. Moreover, Coinmerce is registered with De Nederlandsche Bank (The Dutch Central Bank) as a virtual asset service provider.
“We are very proud of this partnership with Binance. We offer these users an equivalent platform that complies with all European laws and regulations. The transition will be smooth and, in consultation with Binance, we have made the transition for users as easy as possible. The user will receive an email from Binance and from there the simple step-by-step process will start,” Nick Smits van Oyen, co-founder of Coinmerce, noted.
For the sake of mainstream cryptocurrency adoption, Binance has ensured an orderly transition as it exits the Dutch crypto market. The notion was reiterated by Jaap de Bruijn, CEO of Coinmerce, who insisted on an orderly transition.
“Urgent treatment of these users is necessary. The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled transition,” Bruijn added.
Binance recommended its users to Coinmerce, which has been operating since 2018 and is registered in 11 other countries, due to its robust security measures and vast trading environment. Nonetheless, the Dutch crypto users on the Binance exchange still have the choice to use other cryptocurrency exchanges. Moreover, the recommendation of Coinmerce by Binance is optional for Dutch crypto traders.
Coinmerce & Binance bundelen de krachten voor een krachtige gemakkelijke overstap.
Meer informatie is beschikbaar via: https://t.co/wL9eGF5Jsf#coinmerce #binance #overstap #overstappen #crypto #cryptoplatform #cryptocurrency pic.twitter.com/mI4mcA1qB6
— Coinmerce (@coinmerce) July 6, 2023
Market Outlook
Binance holds the highest Bitcoin balance of more than 551,876 coins that are verifiable via on-chain data. As the cryptocurrency industry grows to mainstream adoption, the Binance exchange has significantly increased its entrance to other markets mostly in Asia, the Middle East, and Africa. Nonetheless, Binance continues to fight for regulatory approvals in the United States and European countries that recently adopted MiCA regulations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Julia Sakovich
