The company cites its incapacity to meet regulatory requirements but asserts that it will return to the Dutch market.
Gemini sent a letter to its Dutch users on September 26 requesting that they evacuate their assets or transfer them to another wallet address, as the platform will cease operations in the Netherlands by November 17 “due to requirements imposed by the De Nederlandsche Bank (DNB).”
“We kindly ask you to proceed in emptying your Gemini account, ensuring that you no longer have a balance on your account as of 17th November 2023.”
Gemini suggests that users transmit their funds to Bitvavo, a local cryptocurrency exchange that is registered with the DNB. Bitvavo, an Amsterdam-based company founded in 2018, is a member of the Dutch Association of Bitcoin Companies.
Gemini plans to return to the Dutch market once its business is “ready to be fully compliant” with the new rules on crypto assets outlined in the Markets in Crypto-Assets (MiCA) regulations.
Gemini’s global competitor, Binance, ceased operations in the Netherlands in the summer of 2023 due to a lack of approval from the DNB.
Tobias Oudejans, DNB’s press officer at the time said that it would be reasonable for Binance to attempt to return to the Dutch market by complying with MiCA, which will unify the requirements for crypto companies across the European Union.
“It is not yet clear in what way MiCA will be implemented in the Netherlands, but indeed it looks like it will be a different law than the WWFT and possibly on a European level, there may be access to the Dutch market for registered entities from other EU-countries.”
Currently, 37 virtual asset providers are enrolled with the DNB, including eToro, Coinbase, Crypto.com, and BitPay.