Binance leaves Netherlands

[RickDeckard]

I am from EU (Croatia) and I also thought that we follow more of less the same laws because some services like crypto debit cards are usually available in all EU countries. Having said that, looks like last year Spian gave Binance the very same VASP license that Netherland denied and that caused Binance leaving the country  so it looks like each country has its own standards.

The only reason that makes sense in my head is because in order for an entity to obtain a VASP license they need to comply not only with European laws (established in the recent 5MLD directive[1]) but also with the national legislation that each country has regarding them. On the latter part, Netherlands regulatory body  - De Nederlandsche Bank (DNB) - probably has more tighter requirements than Spain and Binance chose not to apply/follow them (albeit there are already some companies granted a VASP license by DNB that you can check here[2]). If you're interested you can see an explanation from DNB regarding the information that Binance had to submit in order to be evaluated for a VASP license[3]. For Spain the information is a bit more loose but you also have documentation on these websites[4][5] at least.
[1]https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32018L0843
[2]https://www.dnb.nl/en/public-register/register-of-crypto-service-providers/?p=1&l=10&rc=V1dGVEFD
[3]https://www.dnb.nl/media/cz3fjb4f/explanatory-notes-to-the-form-for-registration-as-a-crypto-service-provider.pdf
[4]https://www.garrigues.com/en_GB/new/bank-spains-new-register-virtual-currency-exchange-and-custodian-wallet-providers-now-fully-and
[5]https://sedeelectronica.bde.es/sede/es/menu/tramites/autorizaciones-de-entidades-de-credito-y-otros/registro-de-proveedores-de-servicios-de-cambio-de-moneda-virtual-por-moneda-fiduciaria-y-de-custodia-de-monederos-electronicos.html -> Foreign (Spanish)

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[PX-Z]

Starting from Canada and now Netherlands it appears that before the end of the year we will have a list of countries where Binance has failed to comply with regulatory standards.

Their whole EU market might vanish later on, when following the same "standard" regulatory laws regarding cryptocurrency. This might effect on all exchanges on different countries which most government want — to keep cryptocurrency away on their market in which i don't get, when they can benefit all the taxes of their countrymen.

[Woodie]

So Canada gone, US pretty much is a wrap and now we have the Netherlands joining the list were Binance is pulling out..

Is it possible that a competitor could be behind this persuading regulators by pressing Binances  buttons to shake them up and leave the markets for others??

And how is it like with other exchanges, is it business as usual or they are facing the same regulatory pressure??

And in a few month's from now, are we going to survive without centralized exchange's??? Because truth be told, these guys provide more liquidity than a Dex would and pricing is far much better too...

[malcovi2]

And how is it like with other exchanges, is it business as usual or they are facing the same regulatory pressure??

It's the same for other exchangers Kucoin, Huobi, Bybit and others.

https://www.coindesk.com/policy/2021/06/28/huobi-reveals-countries-where-it-has-halted-derivatives-trading/
https://www.coindesk.com/business/2022/06/22/ontario-securities-commission-slaps-bybit-and-kucoin-with-enforcement-actions/

I'm not going to provide all the links of the articles that I have read since you can just google it each countries that have been banning from western to asian countries.
Times are changing because there are new local cryptocurrency exchangers that are operating which are complying with regulations while Binance, Kucoin, Huobi are not for them it's kinda unfair.

[rat03gopoh]

Times are changing because there are new local cryptocurrency exchangers that are operating which are complying with regulations while Binance, Kucoin, Huobi are not for them it's kinda unfair.

But they didn't quite give up without building relationships with confidants in each country.

Among the top exchange founders I've only seen a lot of active CZ traveling around the world, so I wouldn't be surprised if Binance was always a few steps ahead. They spread their partnership wings to several local exchanges^[1] (where it is difficult to reach legal agreements), so that they will better adapt regulation to the "special brand". I'm not sure if the local exchange deserves to be called Binance mask over partners.


1. https://www.binance.com/en/legal/licenses

[Woodie]

And how is it like with other exchanges, is it business as usual or they are facing the same regulatory pressure??

It's the same for other exchangers Kucoin, Huobi, Bybit and others.

https://www.coindesk.com/policy/2021/06/28/huobi-reveals-countries-where-it-has-halted-derivatives-trading/
https://www.coindesk.com/business/2022/06/22/ontario-securities-commission-slaps-bybit-and-kucoin-with-enforcement-actions/

I'm not going to provide all the links of the articles that I have read since you can just google it each countries that have been banning from western to asian countries.

I guess these guys days  are numbered when it comes to centralized  exchange's operating borderless which is a good and bad thing...

I can only imagine how many local exchanges  will come out of this,a and possibly exploit their customers thanks to fewer exchanges  to choose from.

Times are changing because there are new local cryptocurrency exchangers that are operating which are complying with regulations while Binance, Kucoin, Huobi are not for them it's kinda unfair.

Looks like a cooperate war disguised as a regulatory clean up, let's see how this unfold going forward.

[bbc.reporter]

Another jurisdiction bites the dust. I reckon once enough exchanges have been expelled from many jurisdictions with traders having nowhere to go, it is possible that much of them will begin trading through DEX and DeFi which will increase the amount of liquidity and volume in these markets.

If DEX and DeFi popularity surpasses centralized exchanges popularity, what also might occur is instead of waiting and speculating for the Binance listing pump, it will be the Uniswap whitelisting pump hehe.

[Rikafip]

Another jurisdiction bites the dust. I reckon once enough exchanges have been expelled from many jurisdictions with traders having nowhere to go, it is possible that much of them will begin trading through DEX and DeFi which will increase the amount of liquidity and volume in these markets.

I woulnd't bet on DEXes taking big chunk of CEX volume anytime soon, even with all these regularoty issues big exchanges are having.


Problems for Binance go on, as Belgium regulators orded Binance to stop offering all services to their citizens. Interesting times ahead.

Source https://www.reuters.com/article/idUSFWN38F13H