- Gemini recommends the DNB-approved crypto exchange Bitvavo to its customers.
- Binance ceased operations in the Netherlands earlier this year.
Gemini, a cryptocurrency exchange based in New York, has chosen to leave the Netherlands. The firm plans to return to the Dutch market, but it cannot yet satisfy the standards set by the government.
According to a statement sent to Dutch consumers on September 26, Gemini will cease operations in the country due to restrictions established by the De Nederlandsche Bank (DNB) on crypto exchanges by November 17.
Eyeing MiCA Compliance
Gemini recommends the DNB-approved cryptocurrency exchange Bitvavo to its customers. Bitvavo, situated in Amsterdam, was founded in 2018, and it is a participant in the Dutch Association of Bitcoin Companies.
The letter states:
“We kindly ask you to proceed in emptying your Gemini account, ensuring that you no longer have a balance on your account as of 17th November 2023.”
In accordance with the Markets in Crypto-Assets legislation (MiCA), Gemini plans to reenter the Dutch market once it is “ready to be fully compliant” with the latest regulations on crypto assets.
Binance, a prominent rival to Gemini, ceased operations in the Netherlands earlier this year after failing to get approval from the DNB. Tobias Oudejans, a DNB press officer, told at the time that it was logical for Binance to want to reenter the Dutch market by becoming compliant with MiCA, which would standardize the regulations for crypto firms throughout the European Union.
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