Binance CEO Changpeng ‘CZ’ Zhao said the Netherlands’ stance on crypto remains “quite progressive” despite its exchange’s failed registration as a virtual asset service provider (VASP), according to a June 19 tweet.
CZ’s statement was in response to a user criticizing the Dutch Central Bank, De Nederlandsche Bank (DNB), for refusing to grant foreign entities licenses to operate in the country.
The original poster suggested that the regulator was “cherry picking” as it is “hard to believe that only Dutch companies can deliver what DNB asks for.”
In response, Zhao said:
“Don’t read into it too much. No beef. Binance is a large and complex platform. There are 50 simpler local VASP licensees. We hope they should provide decent access for crypto. All things considered, the Netherlands is still quite progressive.”
Binance failed VASP registration
On June 16, Binance withdrew from the Dutch market after failing to register as a VASP with the authorities.
Binance stated that the company’s application in the Netherlands was unsuccessful, despite compliance with EU standards in other countries such as France, Italy, Spain, Poland, Sweden and Lithuania.
The exchange added that it “will continue to strive to obtain authorizations to provide our products and services to users in the Netherlands.”
In 2022, DNB fined Binance €3.3 million for offering unlicensed crypto services to the citizens of the country.
Netherlands crypto attitude
Like most European countries, the Netherlands has taken strict measures to regulate the crypto industry.
The chair of the Netherlands Authority for the Financial Markets (AFM), Laura van Geest, previously announced that the country will ensure strict implementation of the EU regulation Markets in Crypto Assets (MiCA).
Ghost added that they don’t think crypto is “good news” because it is “difficult to fathom, vulnerable to deception, fraud and manipulation”.
Meanwhile, crypto companies operating in the country must register with the DNB and strictly adhere to anti-money laundering and know-your-customer processes.
According to DNB’s public registry, there are more than 30 registered crypto service providers operating in the Netherlands, including Coinbase, OKCoin Europe, eToro (Europe) Limited, and several other local companies.
The post of Binance’s CEO saying the Netherlands remains “progressive” despite failing to secure a critical license first appeared on CryptoSlate.