1. BITBILIHome
  2. Article

Binance to refer Dutch users to Coinmerce in exit from Netherlands

• 176 views

TL;DR Breakdown

  • Binance will exit the Dutch market on July 17, 2023, and refer its Dutch users to rival platform Coinmerce.
  • Coinmerce, a registered crypto platform, will become the largest crypto platform in the Netherlands as it welcomes the referred Binance users, supervised by the central bank.
  • The move comes after Binance failed to secure recognition as a virtual asset provider in the Netherlands.

Description

Binance will be exiting the Dutch market on July 17, 2023. As part of this exit plan, Binance has reached an agreement with Coinmerce, a registered crypto platform, to refer hundreds of thousands of Dutch users to their platform. This referral is set to make Coinmerce the largest crypto platform in the Netherlands in terms … Read more

Binance will be exiting the Dutch market on July 17, 2023. As part of this exit plan, Binance has reached an agreement with Coinmerce, a registered crypto platform, to refer hundreds of thousands of Dutch users to their platform. This referral is set to make Coinmerce the largest crypto platform in the Netherlands in terms of products, assets, and users. It is important to know that the transition will be supervised by De Nederlandsche Bank, ensuring a smooth transfer for users.

Binance partnership with Coinmerce

Coinmerce has made it its core strategy to provide the most accessible platform possible. However, they have been setting the standard for secure and easy cryptocurrency trading and storage since 2018. With this partnership, Coinmerce aims to offer an equivalent platform that complies with all European laws and regulations, ensuring a trusted environment for the referred Binance users. The process of transferring digital assets will be simple and straightforward, guided by a step-by-step procedure initiated by Binance.

Nick Smits van Oyen, co-founder of Coinmerce, expressed his pride in the partnership with Binance and emphasized their commitment to offering a secure platform that complies with regulations. Jaap de Bruijn, CEO of Coinmerce, stated that their priority is ensuring an orderly user transition. The crypto assets of Dutch users on Binance will be smoothly transferred to Coinmerce through a controlled transition process.

Binance’s decision to refer its Dutch customers to Coinmerce comes after the exchange failed to secure recognition as a virtual asset provider in the Netherlands. This development led to Dutch residents being unable to use Binance’s services. However, Binance is facilitating a free transfer of digital assets to Coinmerce for its customers. Coinmerce has been registered by the central bank since 2020 to provide crypto exchange and wallet services.

The move by Binance to refer its users to Coinmerce aligns with its aim to ensure its customers can continue trading in a trusted environment. Binance’s confidence in Coinmerce’s secure platform significantly influenced its decision. Notably, Binance faced regulatory challenges in the Netherlands last year when the central bank fined 3.3 million euros for unauthorized operations. The recent raid on Binance premises in France and the charges by U.S. regulators have further highlighted the regulatory scrutiny faced by the exchange.

This partnership is set to bolster Coinmerce’s growth strategy to become Europe’s largest crypto platform.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Binance to refer Dutch users to Coinmerce in exit from Netherlands

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月8日 08:05
Next 2023年7月8日 10:46

Related articles

  • Solana-based automation startup Clockwork announces shutdown

    TL;DR Breakdown Clockwork, a Solana-based smart contract automation startup, announced its decision to shut down operations by the end of October due to “limited commercial upside,” marking another closure in the Solana ecosystem. The founder, Nick Garfield, cited “simple opportunity cost” as the reason for the shutdown, stating that the team is interested in exploring new opportunities. Clockwork’s code will remain open-source, and a “meaningful portion” of the seed money still remains. Description Clockwork, a Solana-based smart contract automation project, announced its decision to shut down by the end of October, citing “limited commercial upside.” The startup, which had raised $4 million in a seed round last August, will cease active development and turn off its nodes on both devnet and mainnet. The news comes as a setback … Read more Clockwork, a Solana-based smart contract automation project, announced its decision to shut down by the end of October, citing “limited commercial upside.” The startup, which had raised $4 million in a seed round last August, will cease active development and turn off its nodes on both devnet and mainnet….

    Article 2023年8月29日

  • Stablecoin issuers spending Millions on secret lobbying exposed

    TL;DR Breakdown The focus on stablecoins in Washington, D.C. has intensified as pressure mounts to establish a regulatory framework for these digital assets pegged to the U.S. dollar. Since the beginning of 2022, Tether has spent approximately $600,000 on lobbying the U.S. Senate and House of Representatives, with quarterly spending of $120,000.  Circle initiated lobbying activities with strategic consulting firm Invariant in late 2021 and has spent a minimum of $560,000 since then. Paxos, the former issuer of the Binance stablecoin BUSD, has allocated approximately $300,000 to lobbying efforts since early 2022.  Stablecoin issuers such as Tether, Circle, and others have invested significant amounts of money in lobbying efforts on Capitol Hill since the start of 2022, according to recent data. The focus on stablecoins in Washington, D.C. has intensified as pressure mounts to establish a regulatory framework for these digital assets pegged to the U.S. dollar. Tether has utilized the law offices of Michael Jason Lee and engaged the services of FTI Government Affairs, a consulting firm with bipartisan connections, for its lobbying activities. Since the beginning of 2022,…

    Article 2023年5月20日

  • What Fed’s balance sheet shrink mean for investors

    TL;DR Breakdown The Federal Reserve is shrinking its balance sheet by $1 trillion. This move increases the debt volume that private investors must manage. The current pace of “quantitative tightening” is nearly double that of 2018-2019. Description When it comes to managing the world’s largest economy, the Federal Reserve is often front and center. This month, a bold move by the Fed is grabbing headlines, raising eyebrows, and igniting debates: the significant shrinkage of its balance sheet by a whopping $1 trillion. Investors and analysts alike are rolling up their sleeves, deciphering … Read more When it comes to managing the world’s largest economy, the Federal Reserve is often front and center. This month, a bold move by the Fed is grabbing headlines, raising eyebrows, and igniting debates: the significant shrinkage of its balance sheet by a whopping $1 trillion. Investors and analysts alike are rolling up their sleeves, deciphering what this move means for the future of the financial markets. Tightening the Grip Post the onslaught of the Covid-19 pandemic, the Fed acted as a guardian, purchasing trillions in…

    Article 2023年8月13日

  • KT announces ambitious $5.3 billion investment plan for AI advancement by 2027

    TL;DR Breakdown KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. South Korean mobile company KT, formerly Korea Telecom, plans to invest $5.3 billion (7 trillion won) in AI service research and development over the next five years, establishing itself as a leader. KT isn’t alone in the competition to become the AI industry leader; big names in tech like Amazon, Microsoft, Adobe, and Zoom are all making significant advances in artificial intelligence. Description KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. By utilizing AI’s enormous potential to spur innovation and revolutionize numerous facets of the economy, the company wants to firmly establish itself as a leader in the field, which is … Read more KT, a South Korean mobile carrier, has made a ground-breaking declaration, announcing its aim to invest $5.3 billion in artificial intelligence (AI) technologies by 2027. By utilizing AI’s enormous potential to spur…

    Article 2023年6月26日

  • South Korea bolsters crypto oversight with LEI integration & a crime unit

    TL;DR Breakdown South Korea has launched an inter-agency investigation unit to combat the surge of crypto crimes, including hacking, scams, and money laundering in the country. The interagency probe team brings together experts from different government departments to respond to emerging crypto threats and protect investors swiftly. Korea Securities Depository and Code, a travel rules company, signed a business agreement in Seoul to promote LEI (Legal Entity Identifier) use in the virtual asset market. Description South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents a significant step towards enhancing national crypto regulation. … Read more South Korea has taken decisive action by forming an interagency investigation team to address the growing concerns over cryptocurrency crimes. The crypto market has grown increasingly popular and drawn a wide range of investors, but it has also become a haven for illegal activity.  This action represents…

    Article 2023年7月27日
TOP