Gemini, a cryptocurrency exchange based in New York, has announced its exit from the Netherlands, citing its inability to meet regulatory requirements. However, the company expressed its intention to return to the Dutch market at a later date.
In a letter addressed to Dutch users on September 26, Gemini informed them that they should either withdraw their assets or transfer them to another wallet address because the exchange would be suspending operations in the Netherlands. This decision was made in response to a request from the Dutch Central Bank (DNB) to cease cryptocurrency exchange services by November 17, 2023. The letter advised:
"We kindly ask that you continue to clear your Gemini account and ensure that there are no more balances on your account as of November 17, 2023."
Gemini recommended that users transfer their funds to Bitvavo, a local cryptocurrency exchange registered with DNB. Bitvavo, based in Amsterdam and established in 2018, is a member of the Dutch Association of Bitcoin Companies.
Gemini expressed its intention to re-enter the Dutch market once it could fully comply with the new regulatory rules for crypto-assets outlined in the Market in Crypto-Assets Regulation (MiCA).
This move by Gemini follows a similar decision by Binance, a global cryptocurrency exchange, which also exited the Netherlands in the summer of 2023 after failing to secure a license from DNB. DNB indicated that Binance might have an opportunity to return to the Dutch market by adhering to MiCA, which aims to harmonize cryptocurrency company requirements across the European Union.
Presently, DNB has registered 37 virtual asset providers, including platforms like eToro, Coinbase, Crypto.com, and BitPay.
