Netherlands Financial News

Binance Markets Limited, a UK subsidiary of Binance, has canceled its registration with a UK regulator. 

Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators.

The cryptocurrency total market capitalization fell to $1.02 trillion on June 15, its lowest level in three months. But while the derivatives market's resilience and end-of-week price gains amid uncertainty in stablecoins' reserves provides hope for bulls, it might be too soon to celebrate.

Binance crypto exchange has decided to withdraw from the Dutch market following an unsuccessful attempt to obtain a virtual asset service provider (VASP) license from the Dutch regulator.

Binance, the largest cryptocurrency exchange, is under preliminary investigation by the Paris prosecutors office for both illegal canvassing of clients and aggravated money-laundering, French daily Le Monde reported on Friday. «In France, on-site visits by regulators and inspectors are part of regulatory obligations to which all financial institutions must adhere. We had an on-site visit last week by the relevant authorities,» a Binance spokesperson said.

Binance is under investigation by French authorities for “acts of aggravated money laundering,” an official for the Paris public prosecutor’s office told Bloomberg. 

Stablecoin-issuer Tether has published a lengthy response to reports that the reserves of Tether (USDT), one of the largest stablecoins, once included securities issued by Chinese companies. 

Cryptocurrency exchange Binance said it will leave the Netherlands after the company's application to register under the Dutch crypto authorization regime was rejected.

The company has failed in its bid to secure a virtual asset service provider (VASP) license in the Netherlands.It is not accepting new users with immediate effect and, from 17 July, existing users will not be able to make purchases, trades or deposits.Binance stresses that it is already compliant with EU standards on the prevention of money laundering and financing of terrorism as evidenced by its registrations in other EU countries, including France, Italy, Spain, Poland, Sweden and Lithuania.However, according to CoinDesk, it is facing money laundering troubles in France, where the authorities are investigating the firm.The probe relates to Binance potentially illegally operating as a digital asset service provider before it received regulatory approval last May.In addition, prosecutors tell CoinDesk, the investigation concerns possible "aggravated money laundering by taking part in investment operations, concealment and conversion, the latter being carried out by perpetrators of offenses having generated profits".In the US, the SEC has sued Binance and its CEO Changpeng Zhao, alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception".

Bitcoin (BTC) recovered some lost ground on June 16 as markets shook off mixed United States macro signals.

Global cryptocurrency exchange Binance has terminated its services in the Netherlands, making an exit from the Dutch market after a bid to obtain a virtual asset service provider (VASP) license failed.

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