Gemini Bids Farewell to Dutch Traders

In a notable shift in the cryptocurrency landscape, New York-based exchange Gemini has announced its exit from the Netherlands, aligning itself with fellow crypto titan Binance. The decision, grounded in compliance challenges, has left users scratching their heads and eyeing their digital wallets with concern.

Regulatory Hurdles: The DNB Strikes Again

The Dutch central bank, De Nederlandsche Bank (DNB), has been tightening the screws on crypto exchanges. As a matter of compliance, Gemini cited its failure to fulfill the DNB’s stringent demands as the main reason behind the suspension of its operations in the Netherlands, effective November 17. Users received the blunt message:

“We kindly ask you to proceed in emptying your Gemini account, ensuring that you no longer have a balance on your account as of 17th November 2023.”

User Options: Withdraw or Transfer

In the wake of this announcement, Gemini is urging its Dutch users to take action. Those affected are recommended to either withdraw their assets or transfer them to another wallet. To facilitate this, Gemini has pointed users to Bitvavo, a local crypto exchange that holds DNB registration, making it their safe harbor for the time being.

• **Step 1**: Log in to your Gemini account.
• **Step 2**: Withdraw your assets or move funds to Bitvavo.
• **Step 3**: Ensure a zero balance by November 17.

Hopes for a Return: A Future in Compliance

While the current situation may feel like a setback, Gemini has expressed intentions to return to the Dutch market. The platform aims to recalibrate its operations to meet the new regulatory frameworks established under the Markets in Crypto-Assets regulations (MiCA). Gemini’s letter indicates a commitment to getting fully compliant before re-establishing its presence in the region.

The Larger Picture: Binance and the Dutch Crypto Ecosystem

Gemini isn’t alone in this marooning. Earlier this summer, Binance also suspended its Dutch operations after encountering compliance barriers with the DNB. This trend raises eyebrows about the future of crypto regulations in the Netherlands. As noted by DNB press officer Tobias Oudejans:

“It is not yet clear in what way MiCA will be implemented in the Netherlands, but it looks like it will be a different law than the WWFT…”

With only 37 virtual asset providers currently registered with the DNB—including names like eToro, Coinbase, Crypto.com, and BitPay—there’s a sense of exclusivity in the Dutch crypto game. Perhaps it’s time for exchanges to brush up on their compliance skills.