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Coinmerce, a rival cryptocurrency exchange, announced on Thursday that Binance is redirecting its Dutch customers to their platform as Binance discontinues its operations in the Netherlands.
Dutch residents are now unable to utilize Binance's services as the largest cryptocurrency exchange in the world could not obtain recognition as a virtual asset provider. However, as a gesture, Binance is providing its customers with a complimentary transfer to its competitor, which has been duly registered by the central bank since 2020 to offer cryptocurrency exchange and wallet services.
"Our priority is to ensure an orderly transition," stated Jaap de Bruijn, CEO of Coinmerce, emphasizing the company's priority. He further mentioned that customers have the option to transfer their digital assets to Coinmerce at no cost, with the process being closely monitored by regulatory authorities.
In the previous year, Binance faced a penalty of 3.3 million euros ($3.6 million) from the Dutch central bank due to its provision of services to clients in the country without the necessary authorization. Recently, the company made an announcement stating that it would cease accepting new customers from the Netherlands, while existing clients would no longer be able to deposit, trade, or make purchases on the platform after July 17.
Binance's main European facility, located in France, was recently subjected to a raid as part of an investigation into "aggravated money laundering." Additionally, both the company and its CEO, Changpeng "CZ" Zhao, are facing charges from U.S. regulators for operating an unlicensed securities exchange.
A Binance representative has officially confirmed to CoinDesk that they have been diligently working on facilitating a "seamless transition" for users from the Netherlands, ensuring that they can swiftly and securely transfer their assets to Coinmerce, should they desire to do so.
"While we are leaving the Dutch market, Binance remains committed to obtaining the necessary authorizations to reintroduce its products and services to users residing in the Netherlands in the future," the spokesperson said.
