Binance News: The world’s largest crypto exchange, Binance recently announced its exit from the Dutch market due to its inability to register as a VASP with the regulatory authorities. Reports suggest that the crypto exchange might have been forced to move out. However, Binance’s chief issued a statement addressing the concern.

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Binance Threatened To Face Hefty Fines?

As per reports, De Nederlandsche Bank (DNB), the central bank of the Netherlands fined Binance $3.3 million for operating without registration. The authority now decided not to grant the biggest crypto exchange with a VASP license to operate.

It is important to note that there are several exchanges that continue to operate in the Netherlands without registration. As of now, US’s biggest exchange, Coinbase Global Inc (NASDAQ: COIN) managed to gain a VASP license in the country. Meanwhile, Binance decides to withdraw from the market. It is being speculated that the Dutch Central Bank might have threatened the exchange to face a heftier fine than before.

Responding to speculations, Binance CEO, Changpeng Zhao (CZ) stated “No Beed” but that their crypto exchange is large and complex. He mentioned that there are around 50 simple local VASP license holders which should provide decent access to crypto. He added that the Netherlands is still much more progressive for digital assets than others. Read More Binance News Here…

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Biggest Crypto Exchange Lossing Ground In EU?

Amid facing regulatory complications from the U.S. Securities and Exchange Commission (SEC), Binance was focusing on gaining clarity in European nations. However, the biggest crypto exchange’s latest move left the users thinking of the uncertain future of the digital assets market.

According to reports, Binance has been able to gain just approval to operate in an EU country under the current regulatory regime. The exchange received such approvals in France, Italy, Poland, Lithuania, Spain, and Sweden.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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