Crypto.com Gets Approval to Operate in Netherlands!
• Crypto.com has gained registration approval from De Nederlandsche Bank (DNB) to offer cryptocurrency services in the Netherlands.
• Binance failed to obtain a registration in the Netherlands and was later fined by DNB.
• Crypto.com also recently received regulatory approvals in other jurisdictions, including Spain, Australia, and South Korea.
Crypto.com Obtains Registration Approval in the Netherlands
Crypto.com revealed that it had been registered with De Nederlandsche Bank (DNB) to offer cryptocurrency services to Dutch customers after a comprehensive review of the exchange’s business practices and compliance with anti-money laundering and anti-terrorism laws.
Binance Leaves Dutch Market After Failed Attempts
Rival crypto exchange Binance left the Dutch market after failing to obtain a registration with DNB and being slammed with a $3.3 million fine for alleged unlicensed operation in the country.
Crypto.com Receives Regulatory Approvals in Other Jurisdictions
Aside from the Netherlands, Crypto.com has obtained registration approval from different jurisdictions such as Spain, Italy, Australia, Cyprus, Greece, and South Korea following thorough reviews of its business processes and compliance practices.
Crypto Exchange Suspends Institutional Services in US Market
In contrast to its success abroad, Crypto.com decided to suspend its institutional exchange services for American clients due to low demand from institutions amid challenging market conditions in the United States.
This latest development is yet another testament of Crypto’s commitment towards compliance with global regulatory standards across different jurisdictions worldwide despite facing some setbacks along the way such as leaving or suspending operations due to specific market conditions or lack of registrations from certain countries’ regulators like Germany or the Netherlands..