Crypto regulation in the Netherlands has led Gemini to discontinue its services in the country. In an email sent to users today, the exchange announced that it will cease offering its services starting November 17, 2023.
This move comes in response to stipulations put in place by the De Nederlandsche Bank (DNB), the Dutch central bank. The announcement adds to a series of operational halts by crypto platforms, including Binance earlier this year, in the country.
Gemini is not completely severing ties with the Dutch market, however. The email clarified that the company looks to comply with the Markets in Crypto-Assets Regulation (MiCa), a set of crypto regulations in the EU. Once they achieve this, they plan to resume operations in the Netherlands.
"Gemini continues to be committed to working collaboratively with regulators around the world," the email stated.
For Dutch Gemini users, the immediate concern is the safe transition of their fiat and crypto assets. The exchange has recommended transferring assets to Bitvavo, a local exchange registered with the DNB. The email also stated that Gemini will waive any trading fees associated with the withdrawal or transfer of assets to make the transition as smooth as possible for users.
The development closely follows Binance's exit from the Netherlands in July 2023. Binance had failed to acquire a virtual asset service provider (VASP) license from the DNB, which would attest to its compliance with anti-money laundering (AML) guidelines.
As a result, Dutch residents were restricted to withdrawing their funds from Binance, according to the exchange's statement.
The decision by Gemini reflects a broader trend of crypto regulation tightening in the Netherlands and the EU at large. TheRead more on cryptonews.com