Coinmerce Refers Dutch Users to Binance Amid Closure

As Coinmerce winds down its operations in the Netherlands, the global cryptocurrency exchange Binance has reached a referral agreement with Coinmerce.

In a blog post dated July 6, the Dutch cryptocurrency exchange Coinmerce announced that hundreds of thousands of users based in the Netherlands would be referred from Binance, allowing them to transfer their digital assets to the platform for free.

Binance announced in June that it would cease providing services to Dutch users on July 17, citing its inability to obtain a virtual asset service provider license in the nation.

“We offer these [Binance] users an equivalent platform that complies with all European laws and regulations,” stated Coinmerce co-founder Nick Smits van Oyen.

“The transition will be seamless, and […] in consultation with Binance, we’ve made the transition for users as simple as possible.”

The Dutch central bank fined Binance Holdings approximately $3.3 million in April 2022 for providing cryptocurrency services without proper registration.

At the time, the bank reported that the exchange had a “large number of customers in the Netherlands.”

While the significant cryptocurrency exchange continues to expand its operations to other countries, including Kazakhstan, authorities in certain jurisdictions have begun to target Binance.

The United States Securities and Exchange Commission and the Commodity Futures Trading Commission have filed lawsuits against the global exchange.

Reportedly, the French branch of Binance is also being investigated.