Crypto exchange Gemini to shut down in Netherlands

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Crypto exchange Gemini to shut down in Netherlands

Gemini, a crypt exchange platform founded by the Winklevoss twins, announced today that it will shut down operations in the Netherlands and advise its Dutch customers to withdraw their crypto assets by mid-November.

In a letter sent to its Dutch users, Gemini said it sent a letter on Sept. 26.

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

Gemini is also able to sell any remaining cryptocurrency assets on the open market at a minimum price below the Prevailing Market Price and return the proceeds to any bank account linked to your account, which is what it will do for Dutch clients who fail to withdraw their funds before the deadline.

However, Gemini is not yet closing its doors to its 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 '' as a result of its failure to get the all-clear from the De Nederlandsche Bank.

Binance said at the time that it was the company's most recent offer to buy shares.