Giant Bitcoin exchange Gemini announced that it will leave the Dutch market due to regulatory compliance difficulties. Of course, there are some reasons for the separation. The stock market particularly emphasizes these reasons. Let’s look at the details.
Bitcoin exchange Gemini’s regulatory struggles in the Netherlands
Bitcoin and altcoin exchange Gemini also highlighted plans to continue services in the future. However, it announced its decision to temporarily suspend its activities in the Netherlands. The move comes in response to regulatory challenges posed by Dutch authorities. It also became the second major exchange to withdraw from the Dutch market after Binance.
Bitcoin exchange Gemini’s withdrawal statement sheds light on the issue. Accordingly, following in Binance’s footsteps, Gemini chose to exit the Dutch cryptocurrency market due to its failure to comply with legal requirements. The company has communicated its intention to return to the Dutch market after achieving “full compliance” with the regulatory framework set out in the CryptoAsset Markets (MiCA) legislation.
There is information about the user base
The Bitcoin exchange immediately informed its Dutch user base about this development. Users are informed that all Gemini activities in the Netherlands will be temporarily suspended from November 17th. The decision to withdraw is a direct response to regulatory restrictions imposed by De Nederlandsche Bank (DNB) on cryptocurrency exchanges operating in the country. In the notification, users were advised to withdraw their assets or transfer them to alternative wallet addresses.
Gemini is acting to facilitate a smooth transition for its Dutch customers. Accordingly, he advised users to consider transferring their funds to Bitvavo, a locally registered cryptocurrency exchange that complies with DNB regulations. Founded in 2018 and headquartered in Amsterdam, Bitvavo is a member of the Dutch Association of Bitcoin Companies.
DNB’s regulatory stance
Bitcoin exchange Gemini’s decision to recommend Bitvavo draws attention. This is accordingly in line with the Dutch commitment to ensure that users have a compatible and secure platform for cryptocurrency activities during this transition period. The Dutch regulatory environment has become increasingly strict, with the DNB requiring crypto asset providers to register their activities. Currently, major platforms such as eToro, Coinbase, Crypto.com and BitPay are located here. On the other hand, 37 crypto asset providers, including all these, have successfully registered with DNB.
As Kriptokoin.com, regulatory authorities around the world continue to improve their approach to cryptocurrencies. On the other hand, the moves of Bitcoin exchanges such as Gemini also attract attention. Accordingly, they try to maintain the trust and satisfaction of their user base. They also recognize that they are in a complex environment to ensure compliance. At this stage, we see a reflection of the harmonious movement towards the law.
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