Binance to quit the Netherlands and faces investigation in France 

Binance has faced difficulties in two European markets after announcing plans to leave the Netherlands and becoming the subject of an investigation by French authorities.  

The world's largest cryptocurrency exchange announced its exit from the Dutch market after failing to get a license from the Dutch central bank.  

"Binance has been in a comprehensive registration application process as a virtual asset service provider (Vasp) with the Dutch regulator," a business spokeswoman stated. Unfortunately, no Vasp registration has been obtained in the Netherlands at this moment." 

Binance stated that beginning of July 17, Dutch residents would only be able to withdraw their funds from the platform, with no further trading or deposits permitted. It encouraged Dutch consumers to withdraw monies from their accounts. 

According to the French newspaper Le Monde, prosecutors are looking into Binance because of its anti-money laundering protocols and the fact that it promoted its services in the country before it was registered with the financial markets regulation.  

Binance was approved by the French Financial Markets Authority in May 2022. A spokesman for Binance confirmed that the company was visited by French authorities last week.  

"The relevant authorities paid us a visit on-site last week." Binance, as usual, was entirely cooperative, and we completed our responsibilities as a result. To maintain high standards, we continue to engage closely with regulators and law enforcement authorities on all ongoing compliance needs," stated the spokeswoman.  

Binance is being sued by the Securities and Exchange Commission (SEC) and the Commodities Futures dealing Commission amid allegations of dealing in crypto assets and derivatives without the necessary regulatory approval. 

Separately, the company's US platform, Binance.US, which is owned by the company's CEO, Changpeng Zhao, is negotiating with the SEC to avert a total asset freeze. The corporation has warned that its activities may "grind to a halt" if a US judge granted the regulator's request for an asset freeze order. 

Coinbase, Binance's main competitor, is also being sued by the SEC for operating an illegal exchange. 

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