In a significant boost to the crypto world, Crypto.com has received the green light from the Dutch central bank, De Nederlandsche Bank (DNB), to offer its services in the Netherlands. The company successfully registered as a cryptocurrency service provider after undergoing a thorough review of its business and compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
We’re excited to share that https://t.co/vCNztATSCO has been approved for registration in the Netherlands🇳🇱 as a provider of crypto services.
This registration confirmation follows a comprehensive review of https://t.co/vCNztATSCO’s business and compliance practices.
— Crypto.com (@cryptocom) July 28, 2023
A Milestone for Crypto.com in the Dutch Market
The approval by the DNB marks a significant milestone for Crypto.com, establishing it as a legitimate player in the Dutch crypto landscape. Among the 36 cryptocurrency-related businesses already registered with the DNB are industry giants like Coinbase Europe, eToro, and Bitstamp.
Full Compliance and Enhanced Services
Prior to the official registration, Crypto.com’s services were accessible to Dutch users. However, the recent approval allows the company to operate fully in compliance with the law, ensuring a secure and regulated environment for its users. Unregistered companies now face legal consequences if they solicit or advertise their services to Dutch users.
Binance’s Decision to Exit the Dutch Market
In contrast to Crypto.com’s success, Binance encountered challenges in the Netherlands, leading the platform to cease its operations in the jurisdiction. Binance’s failure to obtain approval from the DNB as a cryptocurrency service provider prompted its exit from the Dutch market.
New Opportunities for Dutch Users
With Crypto.com now fully operational in the Netherlands, more users in the country will have access to its comprehensive suite of crypto services. This expansion is expected to provide Dutch users with additional options and opportunities in the booming cryptocurrency landscape, fostering greater participation and engagement in the digital asset space.
Crypto Regulation in the Netherlands
The DNB’s regulatory oversight highlights the Netherlands’ commitment to creating a secure and compliant crypto ecosystem. By registering cryptocurrency service providers and enforcing compliance with anti-money laundering and counter-terrorism financing requirements, the Dutch authorities aim to protect users and foster responsible growth in the crypto industry.
Embracing Crypto’s Potential
The approval granted to Crypto.com demonstrates the growing acceptance and recognition of cryptocurrencies as a legitimate and valuable financial asset. As more reputable platforms like Crypto.com establish a presence in various markets, the broader public gains confidence in exploring the potential benefits of digital assets.
Crypto.com’s successful registration as a cryptocurrency service provider by the Dutch central bank marks an important step forward for the company and the crypto industry as a whole. With full compliance and approval to operate in the Netherlands, Crypto.com can now offer its services to Dutch users in a secure and regulated manner. This expansion not only opens new doors for Dutch crypto enthusiasts but also signals a positive direction for the continued growth and adoption of cryptocurrencies globally.