Trading on Binance is no longer available for Dutch users starting this week. The world’s largest exchange, has now issued a crucial advisory: users must withdraw their cryptocurrency from the platform by August 17th.
Binance, the global cryptocurrency exchange, has made the decision to close its operations in the Netherlands due to the strict regulatory requirements imposed on crypto companies by the De Nederlandsche Bank (DNB). Binance did not obtain the necessary registration from DNB.
Initially, it seemed that only trading activities would be halted for users. However, as of July 17th, executing trades is no longer possible. Although user accounts were not immediately closed, allowing crypto transfers from the accounts, this will change as of August 17th when Binance may begin to shut down wallets.
Binance is currently grappling with various obstacles. The exchange has chosen to withdraw from multiple countries, including the Netherlands and Belgium, due to strict regulations and ongoing investigations. This has led to substantial layoffs and cost-cutting measures as Binance experiences a decline in profits.
Binance, the largest global cryptocurrency exchange, has reportedly initiated a significant workforce reduction amid an ongoing lawsuit filed by the U.S. Securities and Exchange Commission (SEC) and an impending investigation by the U.S. Department of Justice (DOJ).
According to sources familiar with the matter cited in The Wall Street Journal, over 1,000 employees have been laid off in recent weeks, potentially reducing Binance’s workforce of approximately 8,000 by around one-third. Former employees indicated that customer service personnel bore the brunt of the layoffs, which were implemented on a global scale. While a Binance representative confirmed the workforce reduction to Fortune, the precise number of affected employees was not disclosed.