Gemini, the New York-based cryptocurrency exchange, is leaving the Dutch market due to regulatory hurdles. Find out why and how this move impacts Dutch users and the broader cryptocurrency landscape.
Gemini, a prominent cryptocurrency exchange, has announced its exit from the Dutch market, mirroring Binance’s departure. The move comes as Gemini faces regulatory challenges imposed by the De Nederlandsche Bank (DNB). In a letter to Dutch users, Gemini urged them to act before November 17, 2023, when it will suspend operations in the Netherlands due to stringent DNB requirements.
Gemini, however, has expressed its commitment to re-enter the market once it achieves full compliance with the evolving regulatory landscape. It recommends users transfer their assets to Bitvavo, a local exchange registered with the DNB, to ensure uninterrupted access to crypto services.
This move highlights the increasing regulatory scrutiny faced by cryptocurrency exchanges globally. Compliance with the Markets in Crypto-Assets regulations (MiCA) will be pivotal in determining when exchanges like Gemini and Binance can return to the Dutch market, aligning with their commitment to user protection and regulatory adherence.
