Gemini, the leading crypto exchange based in New York, has made a decision that caught the attention of the crypto community. The exchange has decided to leave the Netherlands, similar to Binance‘s decision. According to company officials, the exchange cannot comply with the country’s legal regulations. Despite this development, the exchange also announced its plans to return to the country.
Gemini sent a letter to its Dutch customers on September 26, explaining the situation. According to the letter, the platform decided to leave the country due to the conditions imposed on crypto exchanges by De Nederlandsche Bank (DNB). Gemini requested its users to withdraw all their assets or transfer them to a different wallet by November 17. The letter included the following statement:
“We kindly ask you to continue emptying your Gemini account and ensure that there is no balance in your account as of November 17, 2023.”
Furthermore, the exchange officials made a recommendation that benefits Dutch users; they suggested that users transfer their crypto assets to Bitvavo, a local crypto exchange registered with DNB. Bitvavo, launched in 2018, is also a member of the Dutch Bitcoin Companies Association, which makes it stand out. The exchange aims to return to the Dutch market once it fully complies with the new rules regarding crypto assets set by the Markets in Crypto-Assets Regulation (MiCA).
Binance also decided to halt its operations in the Netherlands in the summer of 2023 after failing to obtain approval from DNB. At that time, Tobias Oudejans, the spokesperson for DNB, stated that they would be pleased if Binance tried to return to the Dutch market by complying with MiCA, which would bring together the requirements for crypto companies in the European Union. He said:
“It is unclear how MiCA will be implemented in the Netherlands, but it seems to be a different law than WWFT and it may provide access to the Dutch market for registered organizations from other EU countries at the European level.”
Although the Netherlands has established a strict legal framework for the crypto market, currently, 37 crypto exchanges, including eToro, Coinbase, Crypto.com, and BitPay, are registered with DNB.