Binance’s recent exit from the Netherlands due to failed registration for a virtual asset service provider (VASP) license will remain unclear, as the Dutch Central Bank (DNB) cannot share details of Binance’s failings due to confidentiality requirements of its supervisory laws.
DNB spokesperson Tobias Oudejans stated that this perceived silence does not stem from an unwillingness to comment but is necessitated by Dutch laws. VASP registration requirements in the Netherlands are based on the Netherlands Anti-Money Laundering and Anti-Terrorist Financing Act.
The implementation of the EU’s recently published Markets in Crypto-Assets regulation (MiCA) could provide Binance an alternative avenue to operate in the Netherlands come 2024 if it meets the necessary requirements in other EU member states. Binance has indicated that it is ramping up efforts to be fully compliant with the new EU rules set out in MiCAR.
Binance was fined €3.3m ($3.3m) by the DNB in July 2022 for operating without clearance in the Netherlands. Coinbase obtained approval from the DNB in September 2022 as it began to explore expansion into Europe.