The crypto exchange Gemini is currently unable to meet Dutch regulators’ requirements.
US-based crypto exchange Gemini has sent a letter to its Dutch users, announcing that it will suspend operations in the Netherlands “due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges” by Nov. 17.
Gemini has asked local customers to either withdraw their assets or transfer them to another wallet address by the set date. One of the suggested alternatives is the local crypto exchange Bitvavo, registered with the DNB and a member of the Dutch Association of Bitcoin Companies. Other variants can be chosen among 37 virtual asset providers registered with the DNB, including eToro, Coinbase, Crypto.com and BitPay.
Earlier this year, Binance Holdings also decided to leave the Netherlands after unsuccessful attempts to pass the registration procedure with the financial authorities of this country.
At the same time, Gemini intends to return to the Dutch market. Just as in other EU countries, the crypto market in the Netherlands will eventually implement compliance with the Markets in Crypto-Assets regulations (MiCA). Therefore, access to the Dutch market may be given to registered entities from other EU countries. It would only make sense for Gemini as well as Binance to try and return to the Dutch market through compliance with MiCA.