The New York-based cryptocurrency exchange Gemini has
announced its decision to suspend services to Dutch customers starting from
November 17. This move is as a result of regulatory pressures imposed by the
De Nederlandsche Bank (DNB).
However, Gemini is not exiting the Dutch market for good;
the exchange aims to re-enter the country once it achieves full compliance with
the new crypto asset rules outlined in the European Union’s Markets in
Crypto-Assets Regulation (MiCA).
In a letter addressed to its Dutch users on September 26,
Gemini communicated the impending suspension of its operations. The letter
urged customers to either withdraw their assets or transfer them to another
wallet address to comply with the DNB’s directives. Gemini emphasized the
necessity of emptying users’ accounts by November 17, 2023.
In light of this, Gemini has suggested that its users
consider Bitvavo, a local cryptocurrency exchange that is duly registered with
the DNB, as an alternative for their crypto holdings. Bitvavo is an an
Amsterdam-based exchange that was established in 2018 and holds membership in the Dutch
Association of Bitcoin Companies.
This development follows a trend seen earlier in 2023 when
Binance ceased its Dutch operations due to regulatory hurdles from the DNB. At
the time, DNB press officer Tobias Oudejans suggested that compliance
