The world’s largest cryptocurrency exchange, Binance, has announced that it is exiting the Dutch market after failing to obtain a virtual asset service provider (VASP) license.

In a blog post, Binance said that it had “explored various avenues to comply with local regulations” but that it had “not been able to obtain a license from the Dutch regulator.” As a result, Binance said that it would “be winding down our services to Dutch users.”

The Dutch regulator, the Autoriteit Financiële Markten (AFM), had previously warned Binance that it was operating in the Netherlands without a license.

The AFM had said that Binance was “not adequately supervised” and that it was “not in the interest of the public interest to allow Binance to continue offering services to Dutch customers.”

Binance’s exit from the Dutch market is the latest in a series of setbacks for the company. In recent months, Binance has been fined by regulators in several countries, including the UK, Japan, and Singapore.

The company has also been the target of investigations by law enforcement agencies in the US and the UK.