What Is Going On With Binance?

The biggest cryptocurrency exchange in the world, Binance, has chosen to leave the Dutch market after failing to register with the authorities as a provider of virtual asset services. The business claimed it had explored numerous other options but had been unsuccessful in completing the registration requirements. After July 17th 2023, only current Dutch users will be permitted to withdraw funds from the Binance platform; no new residents of the Netherlands will be permitted to sign up for the exchange.

The action is only the latest in a string of setbacks for Binance, which has encountered regulatory scrutiny and legal issues in the US, France, Canada, Australia, and Cyprus, among other nations. The business is charged with dodging securities regulations, breaking anti-money laundering legislation, and operating in some markets without the necessary permits. These accusations are refuted by Binance, which also claims to be working with authorities. The business also asserts that it has obtained registration in other EU nations (including France, Italy, and Spain) and will keep doing business there.