Crypto Exchange Binance Bids Farewell to the Netherlands
On June 16, Binance, the largest cryptocurrency exchange in the world, announced its departure from the Netherlands. The exchange failed to obtain the necessary license to continue serving customers in the country. Binance is currently urging Dutch customers to withdraw their cryptocurrencies from the platform as soon as possible. This must be done before August 17, as after this date, it will no longer be possible.
The Countdown Begins: Withdraw Your Crypto from Binance
If you are a customer of the Binance trading platform, you have probably received numerous emails regarding this matter. However, time is running out, and a reminder can be helpful. Starting Thursday, it will no longer be possible to make withdrawals from the platform.
If you have not yet become a customer at another exchange where you can transfer your crypto assets, Binance can assist you in this process. As soon as you log in to Binance, you will immediately be provided with the option to transfer your crypto to Coinmerce. This process is free and can be completed in just a few minutes. If you still have assets on Binance, we strongly advise you to do this as soon as possible.
Don’t Lose Everything if You Forget Your Crypto
In the event that you are unable to withdraw your crypto from Binance in time, all your assets will be converted to the stablecoin tether (USDT) on August 17. Binance is forced to do this due to its departure from the Netherlands. Subsequently, all customers will receive a “contractual claim” corresponding to their assets on Binance prior to August 17. After the 17th, customers will only be able to redeem their claims on the platform upon logging in.
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Binance will send an email to all Dutch customers on Thursday, explaining how this redemption process works. This will likely be a simple procedure in which customers can transfer their assets (converted to USDT) to another wallet. However, we recommend taking the time before Thursday to send your assets to another wallet or have them transferred to Coinmerce.
Bitvavo is also coming to the aid of Binance customers. New users will receive a welcome bonus of €10 when they create an account using this link.