Gemini Stops Services in Netherlands due to Regulatory Requirements
Gemini Exchange has revealed that it has halted services in Netherlands. The firm retained that it is unable to complete the regulatory requirements. However, the firm claimed that it is planning to revive operations for Dutch consumers later.
Gemini Exchange operating out of New York has revealed that it will stop services for clients in the Netherlands starting in the middle of November this year.
It has become the second cryptocurrency exchange following Binance to exit the territory. Binance officials also cited regulatory changes as the main reason for halting their operations.
Gemini exchange sent a request to Dutch consumers on 26 September asking them to withdraw their cryptocurrency holdings or transfer to a new wallet.
The firm informed the clients that the institution is going to suspend its operations in the region on regulatory changes. The firm has received a directive from the De Nederlandsche Bank or DNB on account of its services as a digital currency trading platform.
Gemini Allows Users to Shift their Wallet Reserves to Bitvavo
Gemini exchange has asked its consumers to transfer their digital currency reserves from the exchange platform before 17th November. The firm has directed the users to transfer their digital currency reserves to Bitvavo.
It is an Amsterdam-based firm that is also a member of the Dutch Association of Bitcoin Firms and has been operational since 2018. Furthermore, Bitvavo is also a regulated virtual asset services provider with DNB. The firm retained that it will return to the markets when it is fully compliant with the regulatory requirements.
The Markets in Crypto-Assets or MiCA regulations have led to various cryptocurrency exchanges exiting European territories. During the same year, Binance stopped its operations in the region on account of not getting a license from the DNB.
Tobias Oudejans, a DNB official claimed that Binance can work on adhering to the regulatory requirements of MiCA that sets a standardized legislator for virtual currency firms operating in EU territory.
MiCA laws are going to bring some important changes in comparison to the existing legal framework named WWFT for cryptocurrency firms in the Netherlands. 37 virtual currency firms are registered with DNB with names such as eToro, Coinbase, BitPay, and Crypto.com.
Gemini Exchange recently hired 70 staff members with the intention to expand business development activities in India. On this account, the firm has reportedly invested $24 million in the Gurgaon region measuring up to 2 billion INR.
The firm launched Gurgaon Development Center earlier this year in May. Gemini hired software engineers, brokers, and other administrative staff from the region. The firm noted that the friendly policies of the Indian government allow startups to flourish in the region.
Gemini Introduces New Features
Furthermore, Gemini has also introduced new features for new websites such as NFTs and trading platforms. The firm shared its plans for international expansion in April within the APAC region.
The revenue projections from the country are estimated to be second to its biggest user base in the USA. Gemini’s APAC CEO told the media that India has become a hub for entrepreneurship and technical innovations.
The South Asian nation has shown a massive interest in the blockchain sector with significant adoption at the local and state level administration. The nation boasts 10 million Web3 developers with 56% of Indian businesses looking to integrate blockchain technology.