Crypto.com revealed that the crypto exchange had been registered with the Netherlands’ central bank to offer cryptocurrency services to Dutch customers.
Crypto.com revealed the news in a blog post on July 28. The company obtained registration approval with De Nederlandsche Bank (DNB). It was preceded by a comprehensive review of the crypto exchange’s business and compliance with the Netherlands’ AML and anti-terrorism laws.
In contrast, rival crypto exchange Binance left the Dutch market after failing to obtain a registration in the Netherlands.
DNB previously warned Binance and later slammed a $3.3 million fine on the company in April 2022 for alleged unlicensed operation in the country. The crypto exchange giant also recently withdrew its licensing application with German regulators.
Meanwhile, the latest development follows a long list of regulatory approvals from different jurisdictions, including Spain, Italy, Australia, Cyprus, Greece, and South Korea.
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”Crypto.com CEO, Kris Marszalek
In the United States, Crypto.com decided to suspend its institutional exchange services for American clients, citing low demand from institutions amid the country’s challenging market conditions.