Global cryptocurrency exchange KuCoin has announced it will halt its services for users residing in the Netherlands. The move follows discussions with the Dutch Authority for the Financial Markets (AFM) and reflects the ongoing pressure from Dutch regulators on crypto exchanges. The Dutch Central Bank (DNB) had previously issued warnings to KuCoin for operating in the country without the necessary legal registration and now puts pressure.
Discontinued Services for Dutch Users
KuCoin is set to discontinue a comprehensive suite of services for its Dutch clientele, which is pretty much everything and includes:
- One-Click Buy
- KuCard
- Peer-to-Peer (P2P) trading
- All Spot Products
- All Derivative Products
- Copy Trading
- Trading Bot
- KuCoin Earn
- KuCoin Structured Products
Important Dates for Service Termination
The halting of services is planned in a phased approach that we can see as phases:
Phase 1 – Starting August 4, 2025
From this date, KuCoin will no longer accept new orders from users in the Netherlands. This includes new applications for the KuCard. Users are strongly advised to close any open positions and withdraw their assets, as deposit functionalities will be restricted.
Phase 2 – Starting August 25, 2025
Any open positions remaining from the August 4 deadline will be forcibly liquidated, and all pending orders will be canceled. It is crucial for users to have withdrawn all their assets by this date. P2P merchants are required to unbind their merchant status to facilitate the normal withdrawal of their margins. Additionally, all KuCards held by Dutch users will be permanently deactivated on this date.
Phase 3 – After August 25, 2025
Following the completion of Phase 2, all Dutch user accounts will be transitioned to a “Withdraw-Only” status, effectively disabling all trading and other active functions on the platform. Users will have a final opportunity to withdraw their funds to another exchange or wallet.
Guidance for Non-Dutch Users
Users who are not residents of the Netherlands should ensure their Know Your Customer (KYC) documentation is current and accurately reflects their non-Dutch residency. This will help prevent any potential service disruptions to their accounts. Updates to KYC information can be made through KuCoin’s customer support.
Guidance for Non-Dutch Users
Users who are not residents of the Netherlands should ensure their Know Your Customer (KYC) documentation is current and accurately reflects their non-Dutch residency. This will help prevent any potential service disruptions to their accounts. Updates to KYC information can be made through KuCoin’s customer support.
What Alternatives Are there for Dutch Cryptocurrency Traders
With KuCoin exiting the Dutch market, users may consider several alternative platforms that are compliant with local and EU regulations.
- Bybit EU: After facing its own regulatory challenges and paying a fine, Bybit has restructured its Dutch operations. It initially partnered with the DNB-registered company SATOS to offer services via Bybit.nl, though with a limited product range compared to its global platform. More recently, Bybit announced the transition of its Dutch clients to Bybit Europe, which operates under a MiCAR license, aiming to provide a broader range of services across the European Union.
- Bitvavo: An Amsterdam-based exchange, Bitvavo is registered with the Dutch Central Bank (DNB), making it a compliant choice for Dutch users. It is known for its user-friendly interface and direct EUR trading pairs.
- MEXC: This exchange is known for its extensive list of available cryptocurrencies and does not have mandatory KYC requirements for all services. It remains an option for Dutch users, offering features like leverage trading that have become restricted on other platforms in the Netherlands. However, the status of MEXC could follow the same path as that of KuCoin.
Future Outlook
KuCoin is actively working to secure a Markets in Crypto-Assets (MiCAR) license, which would create a regulated pathway for it to resume services across the European Union, potentially including the Netherlands in the future. In the meantime, Dutch users must prepare for the upcoming service termination by closing all positions and withdrawing their funds according to the specified deadlines. If anyone wants more information on how to transfer funds or prepare for this exit of a global exchange in the Netherlands, follow our guides on our website.
The post KuCoin Exits Netherlands: What Dutch Crypto Traders Need to Know appeared first on YourCryptoLibrary.