Odaily News: Following the announcement last month that Binance would no longer operate in the Netherlands, the exchange has informed its Dutch customers that they must withdraw their held cryptocurrency assets by August 17th.

As of Monday, Dutch users are unable to trade cryptocurrencies on the platform and now have one month to make withdrawals.

Binance has signed an agreement with the Dutch cryptocurrency platform Coinmerce to facilitate user withdrawals through Binance's app with a one-click system. According to CEO Jaap de Bruijn, over 100,000 users have already transferred their held cryptocurrencies. This number is expected to increase, according to NL Times.

On June 16th, it was officially announced that Binance would be exiting the Dutch market. New users residing in the Netherlands are no longer accepted. Existing Dutch resident users will only be able to withdraw their assets from Binance starting from 8:00 AM Beijing time on July 17th. Buying, trading, or depositing will no longer be available. Users are encouraged to take appropriate action and withdraw their assets from their Binance accounts.

Binance explained that as a Virtual Asset Service Provider (VASP), they are in the process of a comprehensive registration with Dutch regulatory authorities. Despite exploring alternative options that comply with Dutch regulations to serve Dutch residents, unfortunately, the VASP registration in the Netherlands has not yet been completed. Binance will continue its efforts to obtain authorization in order to offer our products and services to users in the Netherlands.