With Coinmerce winding down operations in the Netherlands, the two parties have agreed to refer users of the global cryptocurrency exchange Binance. As Binance discontinues operations, reportedly hundreds of thousands of customers living in the Netherlands will be given the chance to transfer their assets for free to Coinmerce.
In a blog post on July 6, Dutch cryptocurrency exchange Coinmerce announced that Binance would recommend hundreds of thousands of users from the Netherlands, providing them the opportunity to free of charge move their digital assets to the platform. Due to its inability to secure a virtual asset service provider license in the nation, Binance stated in June that it will be mainly ceasing all of its services for Dutch consumers as of July 17.
The Coinmerce co-founder Nick Smits van Oyen, stated that they provide Binance users with an equivalent platform that complies with all European laws and regulations. The transition is expected to be seamless in consultation with Binance.”
The Netherlands’ central bank penalized Binance Holdings over $3.3 million in April 2022 for providing cryptocurrency services without the required authorization. The bank stated at the time that the exchange had a “very large number of customers in the Netherlands.”
While the major cryptocurrency exchange continues to expand its operations to other countries, including Kazakhstan, authorities in some jurisdictions have begun taking action against Binance. The US’s Commodity Futures Trading Commission and Securities and Exchange Commission have filed lawsuits against the international exchange. Additionally, there are speculations that Binance’s French branch is under scrutiny.
