Gemini To Stop its Services In The Netherlands
Gemini stops services in the Netherlands, just like Binance did. They hope to return after meeting new crypto rules.
Gemini, a major crypto exchange from New York, has decided to pause its services in the Netherlands. This follows a similar move by Binance, another big crypto company. Gemini found it hard to match the demands of Dutch regulators but hopes to come back later.
On Sept. 26, Gemini told its Dutch users to move or take out their digital assets before Nov. 17. This is because of rules from the De Nederlandsche Bank (DNB). The message said:
“Please make sure your Gemini account is empty by 17th November 2023.”
For help, Gemini suggests users move their assets to Bitvavo, a trusted local crypto exchange linked with the DNB.
Gemini has plans to come back to the Netherlands once it can follow the new crypto rules named Markets in Crypto-Assets regulations (MiCA).
In 2023, Binance also left the Netherlands. They couldn't get approval from the DNB. However, there's hope they and others might return if they follow MiCA, a rule to make crypto actions uniform in the European Union.
Right now, 37 virtual money businesses, like eToro and Coinbase, are approved by the DNB.
