Gemini Announces Withdrawal from Netherlands
- Gemini has announced its withdrawal from the Netherlands but will re-enter the market at a later stage.
- The exchange said that it has not been able to satisfy the regulatory requirements in the country.
- The platform plans to temporarily halt its operations in the Netherlands by November 17th.
- Recently, the world’s largest crypto exchange, Binance, also ended operations in the country.
Gemini, the cryptocurrency exchange, has announced its decision to withdraw from the Netherlands with an intention to re-enter the Dutch market in the future. The exchange attributed its inability to satisfy the regulatory requirements in the country for its exit.
As written in a letter to its consumers on September 26th, this action is being taken because the platform plans to temporarily halt its operations in the Netherlands by November 17th, citing regulatory requirements imposed by the De Nederlandsche Bank (DNB) on cryptocurrency exchanges as the reason for the suspension. Gemini has requested that its Dutch customers either withdraw their assets or move them to an alternate wallet address such as a local crypto exchange Bitvavo, which is registered with the DNB.
“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.”
Even though it is temporarily suspending its operations, Gemini has expressed its intention to re-enter the Dutch market in the future. The exchange aims to achieve full compliance with the new regulations concerning crypto assets outlined in the Markets in Crypto-Assets regulations (MiCA) before resuming its business in the Netherlands.
This news comes after the leading crypto exchange, Binance, got out of the dutch markets. However, where Gemini is in line with Binance here, the well-known Singapore-based cryptocurrency exchange, Crypto.com, is seizing the opportunity after Binance’s departure, by seeking official authorization for registration as a provider of crypto-related services in the Netherlands.
In August, Digital Currency Group (DCG) and its CEO, Barry Silbert, attempted to have a lawsuit filed against them by Gemini Trust Inc., the cryptocurrency exchange owned by the Winklevoss twins, dismissed. The lawsuit accuses DCG and Silbert of fraud. Earlier in the year, Gemini Trust Inc. had already announced its intentions to sue DCG and its CEO, Barry Silbert.
As reported earlier by Bitnation, the world’s largest crypto exchange, Binance, stated that it will end operations in the Netherlands after failing to receive a license as a virtual asset service provider (VASP).