US-based crypto exchange Gemini is shutting down its trading operations in the Netherlands, which boasts the sixth-largest economy in the European Union (EU).
In a new announcement, the company says that it will stop offering crypto services to the Dutch market on November 17th, due to requirements imposed by the De Nederlandsche Bank (DNB), the Netherlands’ central bank.
Gemini says its customers need to withdraw their crypto and fiat balances by that date.
“If you fail to withdraw your funds as outlined above, we are permitted to sell any remaining crypto assets on the open market at a price no lower than 5% below the Prevailing Market Price and return the proceeds (less any trading fee discounts, rebates, and/or damages to which we are entitled) to any bank account linked to your account.”
In an effort to ease the transition, the exchange says it will waive any internal instant order trading fees for customers.
Gemini does, however, raise the possibility of reopening Dutch customer accounts sometime in the future.
“Gemini continues to be committed to working collaboratively with regulators around the world and is focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets, as set out under the Markets in Crypto-Assets Regulation (MiCA), whereby we hope to be able to offer crypto-asset services to customers based in the Netherlands in the future.”
MiCA is the upcoming European Union legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets. The law also includes measures against other financial crimes including market manipulation, money laundering and terrorist financing. It’s scheduled to take effect in December 2024.
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