Cryptocurrency exchange Crypto.com has received its legal registration as a digital asset service provider in the Netherlands. Its competitor Binance, on the other hand, failed to convince the Dutch authorities. The CZ exchange failed to obtain legal registration and had to withdraw from the Dutch market.
Crypto.com arrives in the Netherlands
Cryptocurrency exchanges continue to expand their activities in various countries in accordance with national legislation. Two weeks ago, Crypto.com has successfully set out to conquer the country. The platform has announced that it has obtained registration as a provider of digital asset services in this European country.
This registration obtained from the Netherlands Bank (DNB) now allows Crypto.com to operate in compliance in the country. That’s all it took to motivate the exchange’s managers and give them cause for optimism.
This registration approval from the Nederlandsche Bank is an important milestone for our company and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.
Kris Marszalek, CEO of Crypto.com
Binance stumbles and is overtaken by its competitor
By obtaining legal registration in the Netherlands, Crypto.com succeeded where its competitor failed. Indeed, last month, Binance had its application for registration as a provider of digital asset services rejected. As a result, the platform had announced its withdrawal from the country to comply with national laws.
Long before the decision to leave the country, Binance had already been fined $3.4 million by the country’s central bank. The exchange was accused of offering crypto-related services to Dutch citizens without prior registration. Its American competitor, Coinbase, has also already been fined almost the same amount on similar grounds.
However, Binance has no intention of giving up. In particular, the exchange is preparing to comply fully with the MiCA law. This crypto market regulation will come into force throughout the European Union next year. This is not the first time Binance has left a European country to prepare for MiCA. In the meantime, Binance can congratulate itself on being now complete in Dubai thanks to its MVP license from the VARA!
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
