Users in the Netherlands could choose to withdraw their funds from Binance to Coinmerce, Coinmerce CEO Jaap de Bruijn said in a blog post.
The company chose Coinmerce as its local partner amid preparations to exit the Dutch market due to regulatory reasons
Binance is shutting down its operations in the Netherlands and other European jurisdictions while facing lawsuits in the U.S.
Dutch crypto exchange Coinmerce is an option for Binance users looking to withdraw their funds as crypto’s largest exchange bows out of the Netherlands due to licensing complications.
The update was confirmed by both Binance in an email to Dutch users and a blog post from Coinmerce. “The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled transition,” said Coinmerce CEO Jaap de Bruijn on Thursday. Notably, the transfer is optional and free.
Binance is unable to continue servicing Dutch users after failing to secure a license from the Dutch Central Bank as a virtual asset provider. The company will exit the Netherlands and shut down its local business as announced last month.
Per an email sent to Dutch users, the platform chose Coinmerce as its local partner since it is regulated by the DNB since 2020. Coinmerce boasts a “nearly identical” list of cryptocurrencies as noted by the exchange in its email to users.
Binance In Europe
The Dutch Central Bank fined Binance $3.6 million (3.3 million euros) last year for operating without a license. Months later in 2023, the company is winding down local Dutch operations and referring users to a rival exchange.
French investigators stormed the platform’s Paris office as part of a probe into suspected money laundering. Australia’s securities regulator ASIC revoked the company’s license and also launched a probe into client classification at the exchange.
The company has reaffirmed its commitment to complying with local laws and working with regulators to secure licenses needed to service users across jurisdictions.