Gemini, a US-Based Crypto Exchange, Ceases Trading Services in European Country of 17,000,000

The US-based cryptocurrency exchange Gemini is discontinuing its trading services in the Netherlands, home to the European Union's sixth-largest economy.

"In a recent announcement, Gemini, the US-based cryptocurrency exchange, revealed its decision to discontinue cryptocurrency services in the Netherlands effective November 17th. This move is in response to regulatory requirements imposed by the De Nederlandsche Bank (DNB), the central bank of the Netherlands.

Gemini has urged its customers to withdraw their cryptocurrency and fiat balances by the aforementioned date, stating, '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 facilitate the transition, the exchange has decided to waive internal instant order trading fees for its customers.

Gemini, however, leaves the door open for the possibility of reopening customer accounts in the Netherlands in the future. The company stated, '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 refers to the upcoming European Union legislation designed to establish regulations covering the supervision, consumer protection, and environmental safeguards for crypto assets. The legislation also includes measures aimed at combating various financial crimes, including market manipulation, money laundering, and terrorist financing. It is scheduled to come into effect in December 2024."

Oct 01, 2023