Crypto exchange Gemini to shut down in Netherlands

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Crypto exchange Gemini to shut down in Netherlands

Gemini, a New York-based crypt exchange platform, announced it is shutting down operations in the Netherlands and advised its Dutch customers to withdraw their crypto assets by mid-November.

In a letter sent to Dutch users Sept. 26, Gemini said it did not have an official letter.

All accounts will be closed by Nov. 17, Gemini said, and Dutch customers will no longer have access to the platform.

Gemini is also allowed to'sell any remaining crypto assets on the open market at a price lower than 5% below the Prevailing Market Price and return the funds to any bank account linked to your account, which is what it will do for Dutch customers who fail to withdraw their money before the deadline.

However, Gemini hasn't yet closed its doors to Dutch customers, as it highlighted the possibility of reopening accounts in the future.

Binance, the world's largest cryptocurrency exchange platform by trading volume, announced in June that it is leaving the Dutch market and will no longer accept account openings for '' new users residing in the Netherlands '' because of its failure to get the all-clear from the De Nederlandsche Bank.

Binance said at the time that it was not clear what the deal was about.