Binance refers users to Coinmers as exchange exits Netherlands

Global cryptocurrency exchange Binance has entered into an agreement with CoinMers to refer its users as the company shuts down operations in the Netherlands.

In a July 6 blog post, Dutch crypto exchange Coinmers Said “Hundreds of thousands” of users based in the Netherlands will be referred to Binance, giving them the option to transfer their digital assets to the platform for free. Binance announced in June that it would largely halt its services for Dutch users on July 17, citing a failure to obtain a virtual asset service provider license in the country.

“We provide these (Binance) users with a peer-to-peer platform that complies with all European laws and regulations,” said Nick Smits van Oyen, co-founder of CoinMers. “The transition will be smooth and in consultation with Binance, we have made the transition as smooth as possible for users.”

Coinmars and Binance bundled crutches to get an overstep.

Click here for more information: https://t.co/wL9eGF5Jsf#coin commerce #binance #overstep #oversteppen #crypto #cryptoplatform #cryptocurrency pic.twitter.com/mI4mcA1qB6

— Coinmerce (@coinmerce) 6 July 2023

In April 2022, the central bank of the Netherlands fined Binance Holdings approximately $3.3 million for providing crypto services without proper registration. At the time, the bank said the exchange had “a very large number of customers in the Netherlands”.

Connected: Binance Netherlands exit – Dutch central bank says registration failures are confidential

While the leading crypto exchange continues to expand its operations to other countries, including Kazakhstan, authorities in some jurisdictions are cracking down on Binance. In the United States, Global Exchange has been named in lawsuits by the Securities and Exchange Commission and the Commodity Futures Trading Commission. The French branch of Binance is also reportedly under scrutiny.

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