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Gemini, one of the leading cryptocurrency exchanges based in New York, has revealed plans to temporarily suspend its cryptocurrency services in the Netherlands.
The exchange has attributed this decision to its inability to meet the stringent regulatory requirements set by the Dutch financial authority, De Nederlandsche Bank (DNB).
In a letter addressed to its Dutch user base, Gemini urged customers to withdraw their assets or transfer them to alternative wallet addresses. The suspension of services is scheduled to take effect on November 17, 2023, in compliance with regulatory obligations imposed by the DNB.
Despite the suspension of its operations in the Netherlands, Gemini expressed its commitment to re-enter the Dutch market once it has successfully aligned its operations with the new regulatory framework governing crypto assets. The reference to compliance with the Markets in Crypto Assets (MiCA) suggests that Gemini is considering adapting to the EU-wide regulatory framework, aiming to standardize requirements for cryptocurrency companies across the European Union.
To facilitate a smooth transition for its users, Gemini recommended Bitvavo, a licensed Dutch cryptocurrency exchange that is registered with DNB. Founded in 2018, Bitvavo is a member of the Dutch Association of Bitcoin Companies, providing a compliant alternative for Dutch crypto enthusiasts.
Geminis decision follows a similar move by global cryptocurrency giant Binance, which ceased its activities in the Netherlands earlier in the summer of 2023 due to regulatory approval challenges. This highlights the increasingly complex landscape that cryptocurrency exchanges face in meeting regulatory requirements in Europe.
As of now, the Netherlands has registered 37 virtual asset providers, including prominent platforms such as eToro, Coinbase, Crypto.com, and BitPay. Coinbase was however fined $3.6 million in January 2023 for non-compliance. These providers operate within the regulatory framework established by the DNB, underscoring the significance of regulatory compliance for cryptocurrency businesses in the Dutch market.
