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Crypto.com Trumps Binance, Securing Netherlands Registration as Larger Rival Withdraws
The Netherlands, which has taken a tough line on rivals such as Binance and Coinbase, follows France, Dubai and the U.K. in recognizing the crypto exchange.
Updated Jul 28, 2023, 11:46 a.m. Published Jul 28, 2023, 11:46 a.m.
Crypto.com has been officially registered as a crypto service provider by the Dutch central bank (DNB), the latest in a series of regulatory recognitions hailed by the company.
The Netherlands has previously taken a tough line on companies including Binance and Coinbase – but has now joined jurisdictions including the U.K., Dubai and France in recognizing the company, under its formal name of Foris DAX Global Ltd.
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“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance,” said Kris Marszalek, CEO of Crypto.com in a statement. “We look forward to continuing to work with DNB and other regulators around the world.”
DNB has previously fined companies including Binance and Coinbase millions of euros, alleging they served Dutch customers without registering, a legal procedure that acknowledges compliance with anti-money laundering and sanctions norms. Binance recently announced it’s quitting the country after failing to get recognized.
Under new European Union laws set to take effect in 2024, exchanges and wallet providers licensed in one EU country such as the Netherlands – a more demanding process than registration that involves checks on governance and financial health – will be able to operate across the 27-nation bloc. The registration had not appeared on DNB’s public listing at the time of publication but was confirmed to CoinDesk by a central bank spokesperson.
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