Gemini has announced its intention to cease its operations in the Netherlands by mid-November.
The company states that its decision is due to its inability to fulfill regulatory requirements but expresses its intention to re-enter the Dutch market in the future.
David Becker 
Gemini, a New York-based cryptocurrency exchange, is following in the footsteps of crypto giant Binance by announcing its withdrawal from the Dutch market. The decision is attributed to their inability to meet regulatory requirements. However, Gemini has expressed its intent to return to the Dutch market in the future.
In a letter addressed to its Dutch users on September 26, Gemini informed them of the need to either withdraw their assets or transfer them to another wallet address. The platform will suspend its operations in the Netherlands by November 17 due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges.
Gemini has recommended that its users transfer their funds to Bitvavo, a local crypto exchange registered with the DNB. Bitvavo, established in 2018 and based in Amsterdam, is a member of the Dutch Association of Bitcoin Companies.
The company has stated its intention to return to the Dutch market once it has made the necessary adjustments to ensure full compliance with the new rules governing crypto assets, as outlined in the Markets in Crypto-Assets regulations (MiCA).
Notably, in the summer of 2023, Binance, a global competitor to Gemini, also ceased its operations in the Netherlands due to its failure to receive approval from the DNB. At that time, a DNB press officer mentioned the possibility of Binance attempting a return to the Dutch market by adhering to MiCA, which is set to unify the regulatory requirements for crypto companies in the European Union.
As of now, 37 virtual asset providers are registered with the DNB, including well-known names such as eToro, Coinbase, Crypto.com, and BitPay.
