Crypto.com Receives Netherlands Central Bank Approval for Crypto Services

Crypto.com made a significant announcement, stating that their crypto exchange had successfully registered with the Netherlands’ central bank. This approval, granted by De Nederlandsche Bank (DNB), allows them to offer cryptocurrency services to customers in the Netherlands. The registration process involved a thorough review of their business and adherence to the country’s anti-money laundering (AML) and anti-terrorism laws.

In contrast, their rival crypto exchange, Binance, faced difficulties in the Dutch market and eventually withdrew due to a failure to secure registration. The Netherlands’ central bank, DNB, had previously warned and fined Binance $3.3 million in April 2022 for allegedly operating without a license in the country. Additionally, Binance also abandoned its licensing application in Germany.

On the other hand, Crypto.com has been successful in obtaining regulatory approvals from various other jurisdictions, including Spain, Italy, Australia, Cyprus, Greece, and South Korea. The company’s CEO, Kris Marszalek, expressed his satisfaction with the registration approval from DNB and emphasized their commitment to compliance and cooperation with regulators worldwide.

In a separate decision in the United States, Crypto.com chose to suspend its institutional exchange services for American clients, citing limited demand from institutions amid challenging market conditions in the country.

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