Binance urging Dutch clients to withdraw crypto holdings by August 17

It is no longer possible to execute trades on cryptocurrency platform Binance while in the Netherlands. The platform is no longer allowed to offer its services in the country, and it has called on users there to withdraw their digital currencies from the platform before August 17.

Binance, one of the largest cryptocurrency exchanges in the world, already announced in June that it would leave the Dutch market. The company did not receive a license from De Nederlandsche Bank, the central bank of the Netherlands.

Operating with the license is a requirement under the country’s Anti-Money Laundering and Anti-Terrorist Financing Act. It was still possible to trade on the platform until July 17, but now users can only withdraw their cryptocurrencies.

To make things easier for customers, Binance has signed an agreement with the Dutch crypto platform Coinmerce. Now, when users log into their account with Binance, they can automatically transfer all their crypto coins to a Coinmerce account with a single button click. More than 100,000 customers have already switched, according to Coinmerce CEO Jaap de Bruijn, and this number is expected to increase further.

Those who have cryptocurrency holdings on Binance can still collect them until August 17. After this date, Binance reserves all rights to take appropriate action. As this can include closing individual Binance wallets, the company urged its Dutch clients to remove their cryptocurrency from the platform before that date.