In mid-June, Binance announced that it was leaving the Dutch market because it was unable to obtain a crypto service provider license. Soon after, Bitvavo offered a welcome bonus to Binance customers if they moved their assets to Bitvavo. This seems to be a success, as tens of millions are already flowing from one platform to another.
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Bitvavo is growing fast due to Binance
Bitvavo writes that in a press release. The Dutch company gives 20 euros worth of crypto as a gift when users create a new account. In addition, users receive an interest of up to 500 euros on the assets that are moved from a Binance wallet to Bitvavo.
Many Binance customers appear to be interested in this. According to Bitvavo, they have already sent tens of millions of euros from Binance wallets to Bitvavo’s. The Amsterdam exchange sees the amount growing day by day and thinks that the total will amount to around hundreds of millions of euros.
According to the platform, the inflows are not a problem. “Despite the large influx of new customers, Bitvavo is able to onboard everyone smoothly within the regular period,” the company states. Moreover, license applications are pending for various countries in Europe. For example, it received a permit for Italy last year.
Moreover, it is not only about Dutch customers. People from other European countries, including Germany, France and Spain, also showed interest in the switch, while Binance does not even advertise abroad.
Bitvavo has the wind at its back
According to Bitvavo, the welcome bonus initiative fits into its strategy for the coming years. It expects more crypto exchanges to shut down in the future. This was the case, for example, with the Dutch LiteBit.
The high additional costs for regulation and the enormous competition became too much for this company, after which Bitvavo received permission from the Authority for Consumers and Markets (ACM) to take over LiteBit’s customer base. However, this company was minuscule compared to Binance, which is still the largest exchange in the world in terms of volume at the moment.