• Crypto.com has been registered with De Nederlandsche Bank (DNB) in the Netherlands to provide crypto services to Dutch customers.
• Binance failed to obtain a registration in the Netherlands and had to leave the Dutch market after being warned by DNB and receiving a $3.3 million fine.
• Crypto.com has received several regulatory approvals from jurisdictions, including Spain, Italy, Australia, Cyprus, Greece and South Korea.
Crypto.com gets Registration Approval in Netherlands
Crypto.com revealed that it has been registered with De Nederlandsche Bank (DNB) in the Netherlands to offer cryptocurrency services to Dutch customers after a comprehensive review of its business and compliance with AML and anti-terrorism laws.
Binance’s Failed Attempt at Gaining Registration
In contrast, rival crypto exchange Binance was unable to gain registration approval in the Netherlands, resulting in the company having to withdraw from the market after being warned by DNB and receiving a $3.3 million fine for alleged unlicensed operation in the country. Binance also recently withdrew its licensing application with German regulators as well.
Approvals from Other Jurisdictions
Crypto exchange giant Crypto.com has received regulatory approvals from various other jurisdictions including Spain, Italy, Australia, Cyprus, Greece and South Korea for its service provider registrations.
Suspension of Institutional Services for US Clients
The company has decided to suspend offering institutional exchange services for American clients due to low demand amidst challenging market conditions within the US.
Conclusion
This registration approval from DNB is seen as an important milestone for Crypto Exchange’s business as it shows their commitment towards compliance with regulations around the world going forward into future operations as well as expanding their reach into new markets such as Europe and beyond.