Gemini, a New York-based cryptocurrency exchange, has chosen to withdraw from the Dutch market, following in the footsteps of the crypto giant Binance. The company cites its inability to meet the stringent regulatory requirements imposed by Dutch authorities. However, it asserts its intention to re-enter the Dutch market in the future.
In a letter addressed to its Dutch user base on September 26th, Gemini has requested that users either withdraw their assets or transfer them to an alternative wallet address. This decision stems from the impending suspension of the platform’s operations in the Netherlands, mandated by the De Nederlandsche Bank (DNB). The letter explicitly states:
“We kindly request that you take steps to empty your Gemini account, ensuring that your account balance reads zero as of November 17th, 2023.”
Gemini has suggested that users consider transferring their funds to Bitvavo, a local cryptocurrency exchange registered with the DNB. Founded in 2018 and headquartered in Amsterdam, Bitvavo is a member of the Dutch Association of Bitcoin Companies.
Gemini’s plans involve re-entering the Dutch market after aligning its operations to be fully compliant with the newly established regulations governing cryptocurrency assets, as outlined in the Markets in Crypto-Assets regulations (MiCA).
During the summer of 2023, Binance, one of Gemini’s global competitors, also ceased operations in the Netherlands due to its failure to secure approval from the DNB. At the time, Tobias Oudejans, a DNB press officer, conveyed to Cointelegraph that it would be logical for Binance to seek re-entry into the Dutch market by adhering to MiCA, which aims to unify regulatory requirements for cryptocurrency companies within the European Union. He remarked:
“The specifics of how MiCA will be implemented in the Netherlands are not yet clear. Nevertheless, it appears that it will constitute a distinct legal framework from the WWFT, possibly extending access to the Dutch market for registered entities from other EU countries.”
Presently, 37 virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay, are registered with the DNB.
