US-based Cryptocurrency">cryptocurrency exchange Gemini announced it will shut down trading services for customers in the Netherlands starting on November 17, 2022. Gemini stated the closure is due to regulatory requirements imposed by De Nederlandsche Bank (DNB), the central bank of the Netherlands.
In a new statement, Gemini notified customers in the Netherlands they must withdraw all cryptocurrency and fiat funds by November 17th. The company said it may liquidate any remaining crypto assets at market rates and return the proceeds to linked bank accounts if withdrawals are not completed by the deadline.
Gemini stated it will waive internal trading fees to ease the transition for Dutch customers. However, the exchange indicated it may restart services in the future once it becomes fully compliant with new EU regulations on crypto assets.
The upcoming Markets in Crypto-Assets (MiCA) regulation will provide supervision and protections for crypto trading across the EU beginning in 2024. By complying with MiCA, Gemini hopes to eventually re-enter the Dutch market.
With a population over 17 million, the Netherlands has the sixth largest economy in the EU. Gemini’s exit underscores the impact increased crypto regulation is having on exchanges operating in the region. For now, Dutch crypto traders will need to find alternatives as Gemini winds down in the country over the next month.
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