• Crypto.com gets registration approval in the Netherlands
• Binance failed to obtain a registration and left the Dutch market
• Crypto.com has obtained regulatory approvals from different jurisdictions
Crypto.com Gets Registration Approval in The Netherlands
Crypto.com revealed that the crypto exchange had been registered with the Netherlands’ central bank, De Nederlandsche Bank (DNB), to offer cryptocurrency services to Dutch customers. This was preceded by a comprehensive review of the crypto exchange’s business and compliance with the Netherlands’ AML and anti-terrorism laws.
Binance Leaves The Dutch Market
Rival crypto exchange Binance left the Dutch market after failing to obtain a registration with DNB, who previously warned them and later slammed a $3.3 million fine on them for alleged unlicensed operation in the country. Binance also recently withdrew its licensing application with German regulators as well.
Regulatory Approvals From Different Jurisdictions
The latest development follows a long list of regulatory approvals from different jurisdictions, including Spain, Italy, Australia, Cyprus, Greece, and South Korea. CEO Kris Marszalek expressed his excitement about continuing their work with DNB and other regulators around the world following this news of approval in the Netherlands.
Suspension of US Institutional Exchange Services
In contrast to all these positive developments, Crypto.com decided to suspend its institutional exchange services for American clients due to low demand from institutions amidst challenging market conditions in America..
Conclusion
Overall it is great news for Crypto companies that they are getting regulatory approvals from different countries which will help them get more credibility among users who are looking for secure trading platforms to invest their money into cryptocurrency markets