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Singapore-based crypto exchange Crypto.com announced it obtained registration with the central bank of the Netherlands, De Nederlandsche Bank (DNB).
Cryptocurrency exchange, Crypto.com announced today that it had been approved for registration with the Dutch central bank.
We're excited to share that https://t.co/vCNztATSCO has been approved for registration in the Netherlandsð³ð± as a provider of crypto services.— Crypto.com (@cryptocom) July 28, 2023
This registration confirmation follows a comprehensive review of https://t.co/vCNztATSCO’s business and compliance practices.
Crypto.com Expands European Reach
The exchange’s registration comes after a “comprehensive review” of its business and compliance under the Netherlands’ Money Laundering and Terrorist Financing (Prevention) Act, also known as Wwft.
According to its public register, the Dutch central bank has approved 36 crypto exchanges to offer their services in the country.
Kris Marszalek, Crypto.com’s CEO, said:
“Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.”
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”
Crypto.com’s most recent registration furthers its regulatory approval momentum. The exchange received registration as a Virtual Asset Services Provider (VASP) from the Bank of Spain. VASP registration allows the exchange to offer its products and services to customers in Spain.
The exchange has been authorised to offer its services in several other regions, including Singapore- its home base, France, the United Kingdom, Dubai, South Korea, Australia, Italy, and Greece, among others.
Following the fallout from the SEC’s regulatory enforcement against Binance and Coinbase, Crypto.com decided to shut down its institutional exchange services for its US customers.
Binance Exits The Dutch Market
Crypto.com’s registration in the Netherlands comes soon after its rival exchange, Binance, left the Netherlands after failing to secure registration.
The exchange announced it was leaving the Dutch market immediately and said it would no longer accept new users from the Netherlands after July 17.
“Existing Dutch resident users are being sent an email with comprehensive information about what this means for their accounts and any assets they currently have on the Binance platform, alongside any steps they will need to take.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice