Binance, the international cryptocurrency exchange, has declared its immediate departure from the Netherlands after its unsuccessful attempt to secure a virtual asset service provider (VASP) license.

Effective immediately, the crypto exchange will no longer accept new Dutch customers. From July 17 onwards, existing Dutch users will only be able to withdraw their assets from Binance, with no further purchases, trades, or deposits being permitted.

Despite exploring numerous alternatives to continue serving Dutch residents in compliance with local regulations, Binance was unable to find a viable pathway to obtain VASP registration.

The exchange is currently sending out detailed instructions to its Dutch customers regarding the necessary steps to manage their Binance accounts.

This development follows an administrative fine of over $3 million that was imposed on Binance in April 2022. The Dutch central bank issued the fine, citing Binance’s operation in the country without the necessary license and registration. The bank noted Binance’s substantial customer base and significant daily trading volume in the billions as reasons for the substantial penalty.

Despite this setback, Binance emphasized its commitment to compliance with European Union standards on preventing money laundering and financing terrorism. The exchange highlighted its registration in EU countries such as France, Italy, Spain, Poland, Sweden, and Lithuania as evidence of its focus on EU regulatory compliance.