Major crypto exchange Bitget announced today that it will be exiting the Dutch market. This will happen in the short term; As of December 1st, Bitget will no longer accept new users from the Netherlands.
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Bitget is leaving the Netherlands
Bitget is a huge international crypto exchange with customers all over the world. Until recently, Bitget was also fully present in the Netherlands, but that will change in the short term. Bitget will no longer accept people with Dutch identity or proof of address in the Netherlands from December. Even Dutch IP addresses are banned from the trading platform.
The reason for this has everything to do with regulations. According to a press release, compliance with global regulations is the exchange’s top priority and apparently Bitget is unable to comply with Dutch regulations. For this reason, the exchange has decided to close its doors in the Netherlands to new users.
“In order to fulfill our commitment to support full compliance, Bitget has decided to suspend the addition of new customers from the Netherlands,” Bitget’s press release said.
Bitget is not registered with De Nederlandsche Bank (DNB). And in practice this means that the crypto exchange is operating illegally in the Netherlands. Bitget is not the first exchange that failed to receive approval from the DNB. Earlier this year, we also saw Binance close its doors to Dutch users when it became clear that purchasing a license was no longer an option.
Bitget also makes it clear that it is actually only new users specifically from the Netherlands. Bitget continues to operate its business in many other countries.
Bitget alternatives
For those that seem like hard news; There are several alternatives to Bitget that are allowed to trade in the Netherlands. Consider the Dutch Bitvavo, the largest exchange in the Netherlands, which is currently offering free cryptocurrencies to all Dutch people for new registrations. Another alternative is the Asian Bybit, which recently received a license through a collaboration with the Dutch SATOS to enable trading for Dutch customers.
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