Binance Recommends Coinmerce to Users as It Ceases Operations in the Netherlands

Binance, one of the largest global cryptocurrency exchanges, has partnered with Coinmerce to refer its users as it prepares to wind down operations in the Netherlands.

In an official announcement on July 6, Coinmerce, a Dutch crypto exchange, revealed that it would be the referral platform for Binance users in the country. This collaboration will enable Binance users in the Netherlands to seamlessly transfer their digital assets to Coinmerce without incurring any fees. Binance had previously announced its decision to largely suspend services for Dutch users starting July 17, citing regulatory hurdles and the lack of a virtual asset service provider license in the country.

Coinmerce co-founder Nick Smits van Oyen emphasized that their platform complies with all European laws and regulations, offering Binance users an equivalent and legally compliant alternative. The collaboration between Coinmerce and Binance aims to ensure a smooth transition for users, with both platforms working closely to facilitate the process.

This referral partnership comes after Binance faced regulatory challenges in the Netherlands, including a significant fine of approximately $3.3 million imposed by the Dutch central bank in April 2022. The central bank highlighted that Binance had a substantial user base in the country but was operating without the necessary registration.

While Binance has been expanding its operations into new markets such as Kazakhstan, it has also faced increased scrutiny in certain jurisdictions. In the United States, the exchange is facing legal actions from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Furthermore, Binance’s French division is reportedly under investigation by authorities.

As Binance takes steps to comply with regulations worldwide, partnering with Coinmerce allows the exchange to ensure a smooth transition for its Dutch users while providing them with a trusted and compliant alternative platform.

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