Dutch users urged to withdraw crypto from Binance by August 17

Following an announcement last month that Binance would no longer operate in the Netherlands, the crypto exchange has told its Dutch customers that they have until August 17 to withdraw their holdings.

The firm failed to receive a license from De Nederlandsche Bank, the central bank of the Netherlands. As a result, Dutch users are no longer able to trade crypto on the platform as of Monday, and now have a month to offload their bags.

Binance has signed an agreement with Dutch crypto platform Coinmerce to make the move easier, through a one-click system via the Binance app. According to the firm’s chief exec, Jaap de Bruijn, over 100,000 customers have already transferred their crypto holdings. The number is set to increase, NL Times reports.

In its statement in June announcing the closure, Binance said that its efforts to gain licensure in the Netherlands remain ongoing.

The Netherlands now joins the US and Australia in a growing list of jurisdictions that have shunned Binance. Following the closure of US and Australian dollar deposits, arbitrage opportunities emerged for traders, as sharp influxes of users offloading their bags led to steep discounts.

Bitcoin traded at a 20% discount at the end of May on Binance Australia, following the closure of its on-ramps and the news that its off-ramps would soon cease.

Binance money processor Advcash looks like a Russian laundering operation

Read more: Dubai’s crackdown on BitOasis spells bad news for Binance

Dutch closure comes amid widespread Binance scrutiny in EU

Binance is the subject of intense international scrutiny. Beyond the Netherlands, its hold over the EU is loosening. Its France-based European headquarters was raided last month.

Protos broke the news in June that the police and financial regulators of several European countries are collaborating with the US Securities and Exchange Commission (SEC) in its investigation. On June 27, Protos learned that EU officials suspect Binance of using its companies in Ireland and Malta to hide illicit activity.

As such, further regulatory action is expected against Binance in the EU. Crypto markets are responding — at press time, crypto prediction market Polymarket shows that traders believe Binance has a 12% chance of insolvency by the end of the year.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on Twitter, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

Comments

Post a Comment

Popular posts from this blog

Barry Silbert deletes old tweets amid GBTC selloff

Under-fire Digital Currency Group founder Barry Silbert has apparently deleted a raft of his old tweets . According to his X (formerly Twitter) account, Silbert signed up in October 2011, however, at the time of writing, his timeline shows no tweets or replies older than January 5 this year. Luckily for die-hard Silbert fans, X user Pledditor has screenshotted some of his “greatest hits.” Looks like @BarrySilbert has deleted all his old tweets The good news? I have screenshotted some of his greatest hits pic.twitter.com/GLWPbCf5mN — Pledditor #FixTheFilters (@Pledditor) January 15, 2024 Read more: Former DCG advisor Larry Summers on list of Jeffrey Epstein’s ‘Harvard friends’ Among the messages saved by Pledditor is a classic in which Silbert brands himself a “ complete and total professional failure ,” and one in which he advises Dogecoin holders to convert it to bitcoin. It’s not clear what prompted Silbert’s Social Media cull but he’s currently taking Social Media ...
Read more

Trader Issues Warning on Solana Rival That’s Up 247% in One Month, Updates Outlook on LDO and One Other Altcoin

Image
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top. The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion. “Why it looks good: -consolidation and highly bullish high time frame market structure -still bullish on all time frames -EMAs (exponential moving averages) all catching up + other alts looking strong Why it doesn’t: -could be an exhaustion pump here and last big move up -could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP -dying volume/some signs of distribution here.”  Source: Altcoin Sherpa/X At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226. The trader is also keep...
Read more

Nuant becomes a member of the OpenWealth Association

On January 18, Nuant joined the OpenWealth Association, contributing to advancing digital assets risk management within Swiss banking, WealthTech, and traditional finance, per the information shared with Finbold. In doing so, Nuant recently joined traditional finance entities such as Credit Suisse, LGT, VP Bank, and WealthTech firms like Assetmax and InvestSuite. This strategic partnership represents a noteworthy progression in crypto investment risk management within Switzerland’s financial sector. The OpenWealth Association aims to establish, uphold, and implement open Application Programming Interface (API) standards within the global wealth management community. This commitment aims to facilitate seamless financial data exchange among institutions. Nuant as representative of the CeDeFi sector Cryptocurrency Anthony Scaramucci says Bitcoin to skyrocket to $170,000 by 2025 Cryptocurrency Donald Trump says he’ll ‘never allow a CBDC’ if elec...
Read more