Gemini to quit the Dutch market by mid-November, cites compliance issues

A leading crypto exchange, Gemini, revealed plans to suspend its crypto offerings in the Netherlands. The New York-based firm cited failure to satisfy regulator requirements as the reason behind its decision.

Meanwhile, Gemini alerted users that it will suspend its crypto offerings to its Dutch users on November 17, 2023. The exchange has failed to meet the requirements that DeNederlandsche Bank (DNB) imposed on cryptocurrency exchanges.

Moreover, Gemini promised its existing users a seamless withdrawal of their funds from the platform. Individuals can withdraw their assets from the company or send them to a different wallet. It suggested certified Bitvavo as an ideal solution for people who want to transfer their holdings to another crypto exchange.

“If you wish to transfer your assets to another exchange, we have identified a local exchange, Bitvavo, that is registered with the DNB as a digital asset exchange.”

Gemini’s plan to relaunch in the Netherlands

The Netherlands adopted a robust regulatory framework after Europe adopted the world’s first inclusive digital assets law – the MiCA. That forced many renowned firms, including Binance, which failed to pursue the regulator to obtain the VASP license, to leave the Dutch market.

Meanwhile, Gemini has vowed to make its enterprise “fully compliant” with the Markets in Crypto Assets (MiCA) rules and relaunch its operations in the Netherlands. According to the announcement,

“Gemini continues to be committed to working collaboratively with regulators around the world and is focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets, as set out under the Markets in Crypto–Assets Regulation (MiCA), whereby we hope to be able to offer crypto asset services to customers based in the Netherlands in the future.”