US-Based Crypto Exchange Gemini to Cease Trading Services in the Netherlands
Gemini, a cryptocurrency exchange based in the United States, has announced that it will be shutting down its trading operations in the Netherlands, which is home to the sixth-largest economy in the European Union (EU). The decision comes as a result of requirements imposed by the De Nederlandsche Bank (DNB), the country’s central bank. Starting from November 17th, Gemini will no longer offer crypto services to Dutch customers. The exchange has instructed its customers to withdraw their crypto and fiat balances before this date. Failure to do so may result in the automatic sale of remaining assets at a price not lower than 5% below the prevailing market price.
Transition Support and Potential Future Reopening
To facilitate a smooth transition, Gemini has announced that it will waive internal instant order trading fees for its customers. Additionally, while closing Dutch customer accounts for now, Gemini remains committed to working with regulators worldwide and aims to become fully compliant with the new EU rules on crypto-assets outlined in the upcoming Markets in Crypto-Assets Regulation (MiCA). If successful, the exchange hopes to offer crypto-asset services to customers based in the Netherlands again in the future.
MiCA: New EU Legislation for Crypto Assets
MiCA is a forthcoming legislation within the European Union that will establish rules and regulations governing the supervision, consumer protection, environmental safeguards, and combat against financial crimes related to crypto assets. It is scheduled to take effect in December 2024. The law aims to address issues such as market manipulation, money laundering, and terrorist financing.
Hot Take: Gemini Closes Trading Operations in Netherlands Due to Regulatory Requirements
Gemini, a leading US-based cryptocurrency exchange, has announced the discontinuation of its trading services in the Netherlands. The decision comes as a result of regulatory requirements imposed by the Dutch central bank. As of November 17th, Dutch customers will no longer have access to Gemini’s crypto services and are advised to withdraw their funds by that date. Gemini has expressed its commitment to regulatory compliance and hopes to reopen Dutch customer accounts in the future, once it aligns with the new EU rules on crypto-assets. The move highlights the importance of regulatory compliance for cryptocurrency exchanges operating in different jurisdictions.
Original article: https://dailyhodl.com/2023/09/30/us-based-crypto-exchange-gemini-to-halt-trading-services-in-european-country-of-17000000/
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