Crypto.com, a prominent cryptocurrency platform, has recently achieved a significant milestone by acquiring registration approval from De Nederlandsche Bank (DNB), the Dutch central bank.
This approval positions Crypto.com as an official crypto services provider in the Netherlands, allowing it to offer exchange services between fiat and virtual assets like Bitcoin (BTC) and Ether (ETH), as well as provide customers with a secure crypto custodial wallet.
The approval comes after a thorough review of Crypto.com’s business and compliance, aligning with the Netherlands’ Money Laundering and Terrorist Financing Act.
The acquisition of the registration approval from De Nederlandsche Bank represents a significant achievement for Crypto.com.
The Dutch central bank has already registered 36 other crypto-related businesses, including notable players like BitPay, Bitstamp, and Coinbase’s European arm.
The approval entitles Crypto.com to operate as a crypto services provider, allowing the platform to facilitate exchanges between fiat currencies and virtual assets while offering a secure crypto custodial wallet for its customers.
Kris Marszalek, CEO of Crypto.com, emphasized the company’s commitment to responsible collaboration with regulators to ensure compliance, underscoring the importance of this registration approval.
Crypto.com’s successful registration in the Netherlands adds to the list of regulatory achievements the platform has attained worldwide.
The company has obtained licenses from various jurisdictions, including a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore and registration as a crypto-asset business from the UK’s Financial Conduct Authority (FCA).
Additionally, Crypto.com has received approvals from authorities in Dubai, South Korea, Australia, the USA, and other countries, showcasing its dedication to regulatory compliance on a global scale.
In contrast to Crypto.com’s approval, Binance, the world’s largest crypto exchange, has recently decided to exit the Dutch market.
The decision came after the Dutch crypto approval regime rejected Binance’s application for registration.
Consequently, Dutch residents can only withdraw their assets from the Binance platform as of July 17, and further trading or deposits are no longer possible.
Binance’s exit highlights the challenges posed by regulatory requirements in various jurisdictions, as platforms seek to navigate the ever-evolving crypto landscape.