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- 1 Gemini may be planning to halt its operation in the Netherlands.
- 2 The crypto exchange has not officially made any relevant announcement yet.
The U.S.-based crypto exchange, Gemini, has decided to stop its working in the Netherlands. The crypto exchange cites, “its inability to meet the regulators’ requirements but says it intends to return to the Dutch market.”
Gemini Letter to its Dutch User
According to a media report, in a letter to its Dutch users on September 26, 2023, Gemini, asks the users to “either withdraw their assets or transfer them to another wallet address, as by November 17, 2023.” The crypto exchange “will suspend its operation in the Netherlands “due to requirements imposed by the De Nederlandsche Bank (DNB) on crypto exchanges.”
As noted in the letter, “We kindly ask you to proceed in emptying your Gemini account, ensuring that you no longer have a balance on your account as of 17th November 2023.”
The crypto exchange suggests that the users transfer their funds to the local crypto exchange, which is registered with the DNB, Bitvavo. Bitvavo is a member of the Dutch Association of Bitcoin Companies and one of Europe’s leading digital asset exchanges.
Gemini still intends to get back to the Dutch market after getting its business “ready to be fully compliant” with the new rules on crypto-assets, as set out under the Markets in Crypto-Assets Regulation (MiCA).
In a media interview, Tobias Oudejans, DNB press officer, says, “It is not yet clear in what way MiCA will be implemented in the Netherlands, but indeed it looks like it will be a different law than the WWFT and possibly on a European level, there may be access to the Dutch market for registered entities from other EU-countries.”
However, at present, there are 37 virtual asset providers registered with the DNB, including eToro, Coinbase, Crypto.com, and BitPay.
Gemini’s Response to A New York Post Article
Furthermore, on September 28, 2023, Gemini made its response to a New York Post article on Thursday, that noted “it withdrew $282 Million of its Earn users’ funds from crypto lender Genesis Global Capital in August last year to hold in its liquidity reserve.”
As noted in the article, Gemini founders Cameron and Tyler Winklevoss “withdrew more than $280 Million of their own money, whether that’s corporate funds or their personal [funds].” Over the following note, the crypto exchange made the response and described the story as “misleading” and “pure fantasy.”
We are disappointed that the @nypost has chosen to recklessly publish a completely misleading story about the Gemini Earn program. Everything the Post alleges in its story is the exact opposite. The $282 million that was withdrawn from Genesis in August 2022 was in fact Earn…
— GeminiTrustCo (@GeminiTrustCo) September 28, 2023
Gemini also said that it elected to increase its liquidity reserves owing to the market turmoil throughout the summer of 2022, following events such as the collapse of the TerraUSD stablecoin.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
