Binance Recommends New Exchange As It Exits Dutch Market

In the latest news development, Binance has recommended a new exchange for its users as it prepares to cease its operations in the Dutch market.

According to a statement released today, Dutch crypto exchange Coinmerce claims it has agreed with the Seychelles-based company to refer its thousands of Dutch users to the Coinmerce trading platform.

Launched in 2017, Coinmerce is a Dutch-based cryptocurrency exchange with operations in 11 other countries. It claims to be one of the first crypto platforms to be registered with the Dutch Central Bank – De Nederlandsche Bank. 

Back in June, Binance announced it would shut down its operations in the Netherlands on July 17 after it could not obtain a Dutch government’s virtual assets service provider (VASP) license. 

Aside from the Netherlands, the world’s biggest exchange is facing regulatory issues in other nations, including Belgium, France, Australia, and the United States. 

Binance Users To Transfer Assets To Coinmerce With Zero Charges

In its announcement today, Coinmerce also stated that all Binance users could transfer their digital assets to its platform for free. 

Furthermore, the Dutch Central Bank will manage the entire referral process of these users to Coinmerce, which will ensure that all interested users are carried along with the transfer process. 

Commenting on this development, Coinmerce officials have expressed much excitement as they look to ensure a smooth transition. The company’s co-founder Nick Smits van Oyen said: 

We are very proud of this partnership with Binance. We offer these users an equivalent platform that complies with all European laws and regulations. The transition will be smooth and is, in consultation with Binance, we have made the transition for users as easy as possible.

Meanwhile, Coinmerce’s CEO Jaap de Bruijn also said:

Our priority is to ensure an orderly transition. Urgent treatment of these users is necessary. The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled transition.

It is now expected that Binance will initiate the transfer process by emailing its users a detailed guide on how to commence.

Binance To Strengthen Operations In Europe 

Amidst its growing issues in the European continent, Binance appears to remain committed to its operation in the region. Recently the company posted a job opening seeking a new policy officer for its European operations.

According to the job posting, the new employee will “develop and write new policies, standards, guidelines, and procedures for the firm.

In addition, the crypto exchange giant also affirmed its intentions to switch to a new European banking partner after its current partner, Paysafe, recently announced plans to cease its support for the exchange starting from September 25, 2023. 

By these actions, Binance seems to place high value on its European operations, even after recently closing its market in the Netherlands and Cyprus. The exchange is operational in 19 European countries, including Poland, Spain, Turkey, Italy, and France.