Crypto.com Exchange Succeeds in Netherlands Registration, Binance Falls Short

Crypto.com, a Singapore-based cryptocurrency exchange, announced that it has been granted registration approval in accordance with the Netherlands’ Money Laundering and Terrorist Financing Act. This comes just one month after Binance, a rival exchange, failed to secure registration and was forced to leave the country.

Crypto.com stated that it underwent a thorough review of its business and compliance practices to align with the Act. The company emphasized the importance of working with regulators to responsibly advance the crypto and blockchain industry and views this registration approval from De Nederlandsche Bank as a significant achievement and a testament to its commitment to compliance.

Crypto.com has successfully secured regulatory approval in a number of countries, such as Cyprus, Singapore, France, the UK, Dubai, South Korea, Australia, Spain, Italy, Greece, and the Cayman Islands.

In the Netherlands, Crypto.com’s parent company, Foris DAX Global Limited, will be added to the public register of De Nederlandsche Bank as a crypto service provider by Monday, according to a spokesperson for Crypto.com. 

In June, the exchange revealed that it would be discontinuing its institutional exchange service for customers in the United States, citing a decline in demand as the reason for this decision.

Crypto.com is not alone in securing registration in the Netherlands; other crypto firms such as Coinbase Europe, Bitstamp Europe, and Hidden Road Partners have also been successful in this regard, as indicated by the public register.

Binance Withdrawed From the Dutch Market, Crypto.com won

Last month, Binance was forced to exit the Dutch market after failing to secure registration but stated that it would continue to engage in discussions with Dutch regulators. De Nederlandsche Bank, the central bank of the Netherlands, may reject a crypto applicant if they do not provide all necessary information or if the information provided is found to be incorrect.

Additionally, the central bank may refuse registration if it determines that the policymakers or co-policymakers are unfit or improper, as stated on its website.