Crypto.com has been granted approval by the Dutch central bank, De Nederlandsche Bank (DNB), to provide cryptocurrency services in the Netherlands.
The exchange has successfully registered as a cryptocurrency service provider after undergoing a thorough review of its business operations and compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
At present, there are 36 cryptocurrency-related businesses registered with the DNB, which include prominent players like Coinbase Europe, eToro, and Bitstamp.
Tobias Oudejans, the DNB press officer responsible for supervision, fintech, cryptocurrencies, resolution, and payment systems, shared insights on the matter with Cointelegraph.
Due to legal obligations tied to supervisory laws, he refrained from commenting on specific registrations.
It’s crucial to note that the registration obtained by Crypto.com specifically permits the company to offer cryptocurrency wallets to customers and facilitate the processing of fiat currency on cryptocurrency exchanges.
This move ensures that the company’s services are in compliance with the country’s regulations.
It is worth mentioning that even before the registration announcement, Crypto.com’s services were already accessible to users in the Netherlands. Oudejans clarified that Dutch residents are legally allowed to sign up for the company’s services.
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However, any unregistered company soliciting or advertising its cryptocurrency services to Dutch users would be considered operating illegally.
In contrast, Binance, another major cryptocurrency exchange, faced challenges in obtaining approval from the DNB.
As a result, Binance made the decision to forgo further efforts to register as a cryptocurrency service provider in the Netherlands and ceased its operations within the jurisdiction.
With the green light from the Dutch central bank, Crypto.com is set to expand its presence and offerings in the Netherlands, providing Dutch users with a legally compliant platform for cryptocurrency transactions and services.
As the cryptocurrency industry continues to evolve, regulatory compliance is becoming increasingly important for businesses seeking to operate in various countries and jurisdictions.
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