Coinmerce announced on Thursday that Binance, the world’s biggest crypto exchange, is referring Dutch customers to its rival as it ceases business in the Netherlands. Dutch residents can no longer use Binance’s service after the company failed to secure recognition as a virtual asset provider. However, Binance has offered its customers a free transfer to Coinmerce, which has been registered by the central bank to offer crypto exchange and wallet services since 2020.
Our priority is to ensure an orderly transition, said Jaap de Bruijn, chief executive officer of Coinmerce. He added that customers can choose to transfer digital assets to Coinmerce for free under a process supervised by regulators. Last year, Binance was fined 3.3 million euros ($3.6 million) by the Dutch central bank for serving clients in the country without the required authorization.
A spokesperson for Binance confirmed that the company has been working on a seamless transition for Dutch users to enable them to transfer to Coinmerce quickly and securely should they wish to. While we are leaving the Dutch market, Binance remains committed to obtaining the necessary authorizations to reintroduce its products and services to users residing in the Netherlands in the future, the spokesperson said.