After Binance terminated its operations in the Netherlands, it has been revealed that the customers were offered the option to transition to Coinmerce, a Netherlands-based cryptocurrency exchange and wallet service provider active since 2020.
Special Transfer Option for Dutch Binance Customers
After Binance, the world’s largest crypto exchange, failed to obtain a license as a virtual asset provider, the Dutch will no longer be able to use the services provided by the exchange. Binance, forced to terminate its operations in the country, will facilitate the transfer of its customers’ assets free of charge to Coinmerce, a cryptocurrency exchange and wallet service provider licensed by the Dutch Central Bank since 2020, if customers so choose.
Coinmerce CEO Jaap de Bruijn stated in an announcement, “Our priority is to ensure a smooth transition”, indicating that customers can choose to transfer their cryptocurrencies to Coinmerce entirely free of charge as part of a process regulated by authorities.
Binance was fined 3.3 million Euros (3.6 million dollars) by the Dutch Central Bank last year for providing services to customers in the country without authorization. The crypto exchange announced in June that it will not accept new customers from the Netherlands and that current customers will not be able to make any deposits or trades after July 17, effectively ending its operations and leaving the country.
Confirmation from Binance
A Binance spokesperson confirmed to CoinDesk that they are working on a seamless transition to allow Dutch users to switch to Coinmerce quickly and securely if they choose. The spokesperson said, “Even though we are leaving the Dutch market, Binance is determined to obtain the necessary permissions to offer its products and services to users residing in the Netherlands in the future.”
Binance, which has been under pressure from regulators in various countries for a while, had been sued in the US by the Securities and Exchange Commission (SEC) for allegedly operating an unregistered securities exchange. Shortly after the SEC filed the lawsuit, the crypto exchange’s main European center in France was raided under a severe money laundering investigation.
