Gemini, the New York-based cryptocurrency exchange, has temporarily suspended its services in the Netherlands to align with regulatory requirements set by De Nederlandsche Bank (DNB). Following a pattern seen earlier with Binance, Gemini is set to resume operations in the country once it achieves full compliance with recently established regulations, media reports said.
Dutch users were informed of the suspension on September 26, with a deadline for asset transfers or withdrawals by November 17. Gemini has recommended Bitvavo, a local exchange registered with DNB, as an alternative for its users during the suspension period.
Gemini plans to re-enter the Dutch market after it realign its business operations with the Markets in Crypto-Assets regulations (MiCA). MiCA, a standardized framework within the European Union, emphasizes regulatory adherence for crypto businesses.
While the exact implementation in the Netherlands is under discussion, it offers hope for registered entities in other EU countries aiming to access the Dutch market, distinct from the current WWFT law governing crypto companies in the country.
With 37 registered virtual asset providers, including eToro, Coinbase, Crypto.com, and BitPay, the Dutch market remains competitive under DNB’s regulatory guidance. Despite the compliance landscape, Coinbase faced regulatory challenges, resulting in a $3.6 million fine in January 2023 for non-compliance.
