Crypto.com, a prominent cryptocurrency firm, has been granted regulatory approval by the Dutch central bank, De Nederlandsche Bank (DNB), to offer its services in the Netherlands. The exchange announced its registration as a cryptocurrency service provider after undergoing a comprehensive review of its business operations and compliance with the country’s Anti-Money Laundering and counter-financing of terrorism requirements.
Currently, 36 cryptocurrency-related businesses, including Coinbase Europe, eToro, and Bitstamp, are registered with the Dutch central bank. Tobias Oudejans, the DNB press officer for supervision, fintech, cryptocurrencies, resolution, and payment systems, emphasized that specific details of the registration could not be disclosed due to supervisory laws’ legal requirements.
The registration permits cryptocurrency service providers to offer cryptocurrency wallets to customers and facilitate fiat currency transactions on cryptocurrency exchanges. While Crypto.com’s services were already accessible in the Netherlands before the registration announcement, the approval provides an official recognition of the company’s compliance with local regulations.
According to Oudejans, Dutch-based users are legally allowed to sign up for services offered by registered companies. However, unregistered companies would be acting unlawfully if they solicited or advertised their services to Dutch users.
In contrast to Crypto.com’s approval, Binance recently announced its decision to discontinue efforts to register as a cryptocurrency service provider in the Netherlands. The company ceased operations in the jurisdiction after failing to obtain approval from the DNB.