Cryptocurrency exchange Gemini is suspending its services in the Netherlands due to new requirements from the local regulator. This was announced in an email sent to users of the exchange.
The email states that all services for Dutch users will stop on November 17, 2023, but the company said that as soon as it complies with the Markets in Crypto-Assets (MiCA) Regulation, it will resume operations in the country.
"Gemini continues to be committed to working collaboratively with regulators around the world," the company said in an email.
According to details published by Crypto News, Gemini has advised its users in the Netherlands to transfer their assets to the local DNB-registered exchange, Bitvavo. All transactions related to the withdrawal or transfer of assets will have zero fees.
It is worth noting that Gemini is not the first exchange to leave the Dutch market. Earlier, the Netherlands was left by Binance, which faced the same problems.
In light of the latest developments, the Netherlands is becoming the main testbed for the implementation of MiCA, which will provide valuable experience for the balanced management of digital assets across the European Union.
Read also: Coinbase chooses a location for its European office.
