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Abstract:The cryptocurrency exchange Bitpanda, headquartered in Austria, has strategically opted to cease its operations in the Netherlands from February 1, 2024.
The cryptocurrency exchange Bitpanda, headquartered in Austria, has strategically opted to cease its operations in the Netherlands from February 1, 2024, citing the absence of regulatory approval as the primary reason. This decision, conveyed through recent user communications, is a direct response to the regulatory landscape in the country.
Starting February 1, Bitpanda will not accept new users from the Netherlands. Existing users will only have the capability to withdraw assets, with restrictions on additional purchases, trades, or deposits.
Despite catering to over 4 million users across Europe and holding a dozen European licenses, Bitpanda finds itself unregistered with the central bank of the Netherlands, De Nederlandsche Bank (DNB).
To facilitate a smooth transition for Dutch users, Bitpanda recommends the transfer of cryptocurrencies to Bitvavo. Founded in 2018 and located in Amsterdam, Bitvavo complies with Dutch regulatory requirements as a member of the Dutch Association of Bitcoin Companies. As an added incentive for users transitioning from Bitpanda, Bitvavo currently offers a €10 bonus for new users.
As a member of the European Union, the Netherlands falls under the recently enacted Markets in Crypto Asset (MiCA) legislation, enabling companies to secure a single license in one EU country and operate across the entire union.
Bitpanda's withdrawal mirrors a similar move by Gemini, founded by Cameron and Tyler Winklevoss, who also discontinued services to Dutch customers, citing regulatory requirements from the Netherlands' central bank. However, Gemini expresses intentions to re-enter the Dutch market after aligning its operations with the new regulatory guidelines outlined in the MiCA regulations.
In a parallel development, Binance exited the Netherlands in June, attributing the decision to the rejection of its application to register under the Dutch crypto authorization regime. The inability to obtain registration as a virtual asset service provider (VASP) with the Dutch regulator led to the discontinuation of services for clients in the country.
In a noteworthy restructuring earlier in 2023, Bitpanda underwent a split, resulting in two distinct entities. The cryptocurrency exchange, Bitpanda Pro, has transformed into an independent entity known as One Trading. This strategic split aims to intensify the focus on the development and growth of Bitpanda Pro, with additional funding intended to enhance the capabilities and offerings of One Trading in the cryptocurrency market.
Disclaimer:
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