Gemini Crypto Exchange has announced that it will discontinue its services in the Netherlands due to crypto regulations put in place by the Dutch central bank, the De Nederlandsche Bank (DNB). Starting from November 17, 2023, Gemini will no longer offer its services in the country. This decision follows similar moves by other crypto platforms, such as Binance, earlier this year.
Gemini’s Compliance Plan and Future Outlook
Although Gemini is ceasing operations in the Netherlands, it intends to comply with the Markets in Crypto-Assets Regulation (MiCa), a set of crypto regulations within the EU. Once Gemini achieves compliance, it plans to resume its services in the Netherlands. The company emphasizes its commitment to working collaboratively with regulators worldwide.
Gemini has advised its Dutch users to transfer their fiat and crypto assets to Bitvavo, a local exchange registered with the DNB. To facilitate a smooth transition, Gemini will waive any trading fees associated with the withdrawal or transfer of assets.
The tightening crypto regulations in the Netherlands and the EU have led to major exchanges like Binance and Gemini exiting the Dutch market. The DNB’s restrictions aim to align with MiCa and establish standardized crypto regulations across EU member states. This trend may impact other exchanges operating within the EU, forcing a reevaluation of strategies to ensure compliance and preserve market diversity while prioritizing consumer safety.