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.
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