Gemini Suspends Operations in the Netherlands
New York-based cryptocurrency exchange Gemini has temporarily ceased operations in the Dutch market to comply with regulatory requirements set by De Nederlandsche Bank (DNB). This move follows a similar exit by Binance in 2023. Gemini plans to resume operations once it fully complies with the new regulations. Users received a communication from Gemini urging them to transfer or withdraw their assets before the suspension took effect on November 17. In the meantime, Gemini has recommended Bitvavo, a local crypto exchange registered with DNB, as an alternative for its users.
Gemini Aims to Re-enter Dutch Market with MiCA Alignment
Gemini is determined to re-enter the Dutch market and intends to align its business operations with the Markets in Crypto-Assets regulations (MiCA). These regulations are crucial for crypto companies operating within the European Union and emphasize regulatory adherence for sustainable growth. MiCA serves as a unified standard within the EU, simplifying operational requirements for crypto companies. While the exact implementation of MiCA in the Netherlands is still being discussed, it offers hope for registered entities from other EU countries seeking access to the Dutch market.
37 Crypto Providers in the Dutch Market
The Dutch market currently accommodates 37 registered virtual asset providers, including popular platforms like eToro, Coinbase, Crypto.com, and BitPay. These entities operate under the regulatory guidance of DNB. Despite the compliance landscape, these providers have managed to establish themselves in the Dutch market. However, Coinbase faced regulatory issues and was fined $3.6 million in January 2023 for non-compliance.
Hot Take: Gemini Adapts to Regulatory Changes in Pursuit of Expansion
Gemini’s temporary suspension of operations in the Netherlands demonstrates its commitment to complying with regulatory requirements. By aligning with MiCA, Gemini aims to re-enter the Dutch market and expand its presence in Europe. This strategic move positions Gemini as a responsible and compliant cryptocurrency exchange, ensuring the protection of user assets and fostering sustainable growth in the region’s crypto industry.
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