As a result of regulatory concerns, Binance has decided to cease its operations in the Netherlands. With the withdrawal date of July 17th fast approaching, Dutch users, and potentially Belgian users who may follow suit, must know what to do with their funds as the most popular exchange bids a temporary farewell.
What will happen with funds stuck on Binance after they stop operating in The Netherlands?
As far as Binance has mentioned, the only thing that will happen is that Dutch users will not be able to trade any of the Binance products they are used to. This means that NL users will be restricted to only withdrawing their assets from the Binance exchange into self-custody or an alternative exchange that is compliant with Dutch regulators. The duration for which Binance will hold onto your assets is still uncertain, and more information is forthcoming.
What will happen to my open positions on Binance?
All positions on all markets will be closed at market price and will be stored in the Binance wallet of each user.
What exchanges are recommended for Dutch cryptocurrency users?
As an alternative platform, Binance has recommended its customers in the Netherlands use Coinmerce, a registered crypto exchange. Binance has emphasized Coinmerce’s shared listings, convenient fiat on-ramps and off-ramps, and registered status as advantages for its customers.
Additionally, Bitvavo can also be considered as an alternative, as it is one of the largest exchanges in Europe and is expanding its products across the continent. This makes it a great option for any Belgians who want to take precautions.
What is the transfer process for Binance users and how to withdraw?
As a Binance user in the Netherlands, you will still be able to withdraw your funds from the platform after July 17, 2023. However, Binance strongly encourages users to transfer their assets to a compliant alternative exchange or into self-custody before that date. To learn more about how to withdraw your assets from Binance, click here.
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