Binance Exits The Netherlands After Missing Registration Requirements

The world's leading cryptocurrency exchange Binance is facing another setback following its decision to leave the Dutch market.

The company said on Friday, June 16, that it failed to comply with the requirements for registration. The Netherlands decided to revoke Binance's operation as a virtual asset service provider as a result.

Binance is Leaving the Dutch Market

In a report by Bloomberg, Binance reportedly failed to register in the Netherlands this week, prompting regulators to be stricter when it comes to allowing crypto exchange's services.

With its departure from the Dutch market, the company has nothing to do but maintain its transparency with regulators and users.

By July 17, all of the ongoing activities of Binance in the country will be suspended. This way, Dutch traders will be given enough time to withdraw their assets before it's too late.

Binance vs. SEC

Earlier this month, a Tech Times report noted that Binance and its CEO, Changpeng Zhao, faced a new challenge with the US Securities and Exchange Commission (SEC).

According to the governing body, Binance has violated many securities laws. Additionally, the SEC alleged that the company did not properly file its securities and licenses to operate in the US.

As a result, Binance also bid goodbye to Canada following the regulatory issue it encountered. With its withdrawal in another North American nation, the authorities were forced to check the crypto exchanges' regulatory compliance diligently.

Aside from Canada, Binance also withdrew its operations in Australia and Cyprus.

Binance Looks on a Brighter Side After Dutch Market Exit

The recent exit of Binance from the Dutch market is truly disappointing, but there's nothing it can do to keep up with the issue if, in the first place, it did not do its part to comply.

According to Reuters, Binance still continues to offer service in some countries in the EU region, including Lithuania, Poland, Italy, France, Spain, and Sweden.

Somehow, it just means one thing for the biggest crypto platform on the planet. While some countries have found a way to stop it, others still trust Binance despite allegations and controversies.

Should You Still Invest in Binance Coins?

Actually, Binance Coin (BNB), still remains one of the most popular coins in the crypto market despite the problems that continue to plague it.

According to Coinpedia, there's a coin price prediction for BNB that it will consistently increase its value from 2023 to 2030.

At the start of June, BNB experienced a staggeringly low loss of $227 from its previous price of $307. However, the chart shows that the Binance coin can still recover, as seen on the 4-hour price window. Its price might fluctuate at a drastic level, but it's possible that it can hit the bullish point as July approaches.

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