Binance Moves Its Dutch Users to Coinmerce
Binance Users in Netherlands to Move to Coinmerce Amid Regulatory Issues
Global cryptocurrency company Binance has made a deal with Coinmerce as it plans to stop working in the Netherlands.
A post by Dutch crypto exchange Coinmerce on July 6 said that Binance's users in the Netherlands will be moved to Coinmerce. They can transfer their digital money to Coinmerce for free. In June, Binance said it would stop most services for Dutch users on July 17 because it could not get a virtual asset service provider license in the country.
Coinmerce co-founder Nick Smits van Oyen said, "We give these [Binance] users a platform that follows all European laws. We have worked with Binance to make this change easy for users."
In April 2022, Binance was fined about $3.3 million by the Dutch central bank for offering crypto services without the correct registration. Binance had many customers in the Netherlands.
While Binance is growing in other countries like Kazakhstan, some countries are putting more rules on it. In the United States, Binance has been named in lawsuits from financial authorities. Binance's French division is also being investigated.
