New York-based cryptocurrency exchange Gemini, like the industry giant Binance, decided to suspend its activities in the Netherlands.
Gemini Announced That It Temporarily Suspended Its Dutch Operations Citing Compliance With Legislation
The company stated that it failed to meet the stringent requirements set by regulators. Despite this, Gemini has expressed its intention to re-enter the Dutch market in the future.
In a letter addressed to its Dutch user base, Gemini advised them to withdraw their assets or transfer them to an alternative wallet address.
The platform will cease operations in the Netherlands by November 17, 2023 due to regulatory obligations imposed on crypto exchanges by De Nederlandsche Bank (DNB).
Gemini advised users to transfer their funds to local crypto exchange Bitvavo, which is registered with DNB. Founded in 2018, Amsterdam-based Bitvavo is a member of the Dutch Association of Bitcoin Companies.
The American company has expressed its intention to re-enter the Dutch market after preparing its operations to be fully compliant with new regulations governing crypto assets.
Gemini's global rival, Binance, also stopped its activities in the Netherlands when it could not receive approval from DNB in the early summer of 2023.
Tobias Oudejans, a press officer at DNB at the time, commented that it would be reasonable for Binance to explore re-entering the Dutch market through compliance with MiCA, which aims to standardize requirements for crypto companies across the European Union.
There are currently 37 registered virtual asset providers on DNB, including major platforms such as eToro, Coinbase, Crypto.com and BitPay.
*This is not investment advice.