Crypto.com, a prominent cryptocurrency firm, has obtained the green light from De Nederlandsche Bank (DNB) to offer its services in the Netherlands. This approval comes after a thorough review of Crypto.com’s business and compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
Crypto.com proudly announced its official registration as a cryptocurrency service provider with De Nederlandsche Bank (DNB). This registration validates the company’s commitment to adhering to the necessary regulations and safeguards put in place by the Dutch central bank.
Comprehensive Compliance and Review
The registration process entailed a comprehensive review of Crypto.com’s operations and compliance with Anti-Money Laundering and counter-financing of terrorism requirements. By meeting these stringent criteria, Crypto.com demonstrated its dedication to maintaining a secure and compliant platform for its users.
Additionally, the DNB has granted approval to 36 cryptocurrency-related businesses to operate in the country. Among these are other prominent names such as Coinbase Europe, eToro, and Bitstamp. This move reflects the growing acceptance and recognition of the cryptocurrency industry in the Netherlands.
Tobias Oudejans, the DNB press officer responsible for supervision, fintech, cryptocurrencies, resolution, and payment systems, provided exclusive insights into the registration process. Due to legal requirements of supervisory laws, he refrained from commenting on specific registrations.
Scope of Registered Services and Legality for Dutch-Based Users
The DNB’s registration allows cryptocurrency service providers like Crypto.com to offer cryptocurrency wallets to customers and conduct fiat currency transactions on cryptocurrency exchanges. This enhances the accessibility and usability of cryptocurrencies in the Netherlands.
Crypto.com’s services were already available to Dutch users before the official registration announcement. However, Oudejans clarified that while Dutch users are legally permitted to sign up for such services, unregistered companies soliciting or advertising their services to Dutch users would be acting illegally.
Binance’s Decision to Cease Operations
Binance recently announced that it would discontinue its efforts to register as a cryptocurrency service provider in the Netherlands. This is in contrast to Crypto.com’s successful registration. Moreover, the lack of approval from the DNB led to the decision to cease its operations in the jurisdiction.