Most people probably didn’t miss the announcement cryptoexchange Binance on June 16 at the exit the Dutch market. The news followed the failure to obtain a virtual asset service provider (VASP) license from the Dutch authorities. Since July 17, 2023, so already a week, Dutch users can only record from the platform. Binance, which is active in 19 European countries, says it complies with European anti-money laundering rules, but did not meet the specific Dutch requirements. That is why they have left the Dutch market.
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Binance in heavy weather
2023 is not the best year for the exchange. For example, the trading volume of the US arm, Binance.US, fell significantly. After, among other things, the court case of the American Securities and Exchange Commission (SEC) on the sale of allegedly unregistered securities, Binance’s French affiliate reports a 2022 loss of €4 million. The main reason appears to be the high operational costs prior to obtaining regulatory approval.
Bitvavo benefits from Binance exodus with bonus
In response, Bitvavo is experiencing an influx of millions of euros in crypto assets. It is an attractive alternative with a range of over 190 cryptocurrencies, including major players such as bitcoin (BTC), ethereum (ETH), ripple (XRP) and a wide range of smaller altcoins. Despite the influx, the onboarding of new customers is going smoothly. With the absence of Binance, an expansion of licenses in several European countries and a growing customer base, Bitvavo is positioned to become a stronghold in Europe.
The Dutch exchange offers Binance customers a welcome bonus of €20 and trading the first €10,000 in crypto transactions for new users on Bitvavo is completely free of charge. In addition, users on cryptos transferred from Binance receive an interest payment of 10%. To take advantage of the action You can create an account via this link. Be quick because the promotion only runs until August 1th.