Crypto exchange scores Netherlands registration where Binance failed
The Singapore-headquartered exchange said it received registration approval in compliance with the Netherlands’ Money Laundering and Terrorist Financing Act
berCheck/AlexLMX/Shutterstock, modified by Blockworks
Crypto.com has obtained regulatory approval from the Netherlands’ central bank to operate as a crypto service provider in the country, the exchange said, Friday.
It completed the registration process following an assessment of its operations and adherence to the Netherlands’ Money Laundering and Terrorist Finance Act, it said.
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance,” Kris Marszalek, Crypto.com’s CEO, said in a statement.
As of now, the Dutch central bank has granted approval to 36 crypto exchanges, which include Coinbase Europe, eToro, OKCoin, BitPay and Bitstamp.
The move is notable as competing crypto exchange Binance has failed to secure the required license in the Netherlands.
Last month, Binance customers based in the Netherlands were notified via email that crypto deposits would be disabled from July 17. They were also cautioned against sending cryptocurrencies to previously saved addresses and were informed that NFT trade and NFT staking would be blocked.
Despite making efforts to comply with regulations and serve Dutch clients, the crypto exchange could not obtain registration, a Binance spokesperson told Blockworks.
Binance faced similar registration challenges in Germany and Cyprus, leading to its exit from those markets. The exchange says it’s working on achieving compliance with the European Union’s new digital asset regulation, MiCA (Markets in Crypto-Assets Regulation), in the next 18 months.
Crypto.com didn’t return Blockworks’ request for comment on the measures it took to obtain approval.
Crypto.com has separately obtained regulatory approvals in various countries, including Cyprus, Singapore, France, the UK, Dubai, South Korea, Australia, Spain, Italy, Greece and the Cayman Islands.
The exchange announced the discontinuation of its institutional exchange service for US customers in June, attributing the decision to decreasing demand.
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