Binance And Coinmerce Collaborate In The Netherlands For Smooth Asset Handover
Great news for Binance customers in the Netherlands! Binance, one of the leading cryptocurrency exchanges, has collaborated with Dutch crypto platform Coinmerce to support users who were left in a state of uncertainty after Binance’s withdrawal from the country.
In an announcement on July 6, both Binance and Coinmerce revealed that they have reached an agreement allowing hundreds of thousands of Dutch crypto users to transfer their assets without any fees. This arrangement aims to ease the transition for Binance clients as the exchange ceases operations in the Dutch market on July 17. The reason behind this decision is Binance’s inability to obtain a virtual asset provider license from the Dutch central bank, known as De Nederlandsche Bank.
With this collaboration, Coinmerce will become the largest crypto firm in the Netherlands in terms of products, assets, and user base. Coinmerce has already obtained regulatory approval in the country, ensuring compliance with local regulations.
Jaap de Bruijn, CEO of Coinmerce, emphasized the importance of a smooth transition for affected users. Coinmerce will facilitate the transfer of crypto assets from Binance to their platform through a controlled process, prioritizing the needs of Dutch users.
Coinmerce CEO Jaap de Bruijn said:
“Our priority is to ensure an orderly transition. Urgent treatment of these users is necessary. The crypto assets of the Dutch users at Binance will be transferred to Coinmerce via a controlled shift.“
To ensure a hassle-free experience, Binance has committed to providing detailed instructions via email and step-by-step guidelines for users on how to carry out the asset transfer.
Coinmerce has built a solid reputation since 2018 as a secure and user-friendly platform for cryptocurrency trading and storage, not only in the Netherlands but also in 11 other countries. This reputation led Binance to express its confidence in Coinmerce’s capabilities. Binance recognizes that Coinmerce provides a secure environment for their users and trusts them to continue offering a reliable trading experience.
This has led to Binance bestowing its confidence in the platform, noting:
“We have tremendous confidence in Coinmerce because they have a secure platform for our users. We feel comfortable that they can continue trading in a trusted environment.“
It’s important to note that while Binance recommends Coinmerce to Dutch users, they are not obligated to use it exclusively. Users still have the option to utilize other cryptocurrency exchanges if they prefer.
Overall, this partnership between Binance and Coinmerce aims to support Dutch crypto users during the transition period, offering them a trusted platform for managing their assets and ensuring continuity in their cryptocurrency trading activities.
Binance Faces Regulatory Challenges
Binance Faces Regulatory Hurdles in Germany, Withdraws from Multiple Countries
In recent developments, Binance, the renowned cryptocurrency exchange, encountered a setback in Germany. On June 29, Finance Forward’s publication revealed that the German financial regulator BaFin rejected Binance’s application for a crypto custody license. Despite this, Binance expressed its commitment to engaging with German authorities in order to explore potential solutions.
In addition to the situation in Germany, Binance has made the decision to fully withdraw from several other countries, including Austria, Belgium, and Cyprus. These exits were prompted by various factors, such as regulatory pressures within those jurisdictions.
Nevertheless, Binance has made it clear that it will remain dedicated to serving European markets. The exchange intends to shift its focus towards preparing for the upcoming Markets in Crypto Assets (MICA) standards. MICA aims to establish a comprehensive regulatory framework for the cryptocurrency ecosystem in the European Economic Area.
By adapting to these evolving industry standards and working closely with regulators, Binance aims to ensure compliance and foster a secure and transparent environment for cryptocurrency trading across Europe.
