US-based cryptocurrency exchange Gemini is shutting down its trading operations in the Netherlands, which boasts the sixth-largest economy in the European Union (EU).
In a new announcement, the company say that it will stop offering crypto services to the Dutch market on November 17, due to requirements imposed by De Nederlandsche Bank (DNB), the central bank of the Netherlands.
Gemini says its customers should withdraw their crypto and fiat balances by that date.
“If you fail to withdraw your funds as described above, we may sell any remaining crypto assets on the open market at a price not lower than 5% below the prevailing market price and return the proceeds (less any discounts on trade costs, discounts). and/or damages to which we are entitled) to any bank account linked to your account.”
In an effort to ease the transition, the exchange says it will waive any internal trading fees for customers.
However, Gemini is raising the possibility of reopening Dutch customer accounts sometime in the future.
“Gemini remains committed to working with regulators around the world and is focused on preparing our business to fully comply with the new EU rules on crypto assets, as set out in the Markets in Crypto-Assets Regulation ( MiCA), where we hope to be able to offer crypto-asset services to customers based in the Netherlands in the future.”
MiCA is the upcoming European Union legislation that will provide rules regarding the supervision, consumer protection and environmental safeguards of crypto assets. The law also includes measures against other financial crimes, including market manipulation, money laundering and terrorist financing. Are planned come into force in December 2024.
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