Gemini Exchange Withdraws From Netherlands Over Regulatory Roadblocks

Major cryptocurrency exchange Gemini announced it will cease operations in the Netherlands next month due to an inability to satisfy regulatory requirements imposed by the country’s central bank. The New York-based exchange advised Dutch users this week to withdraw or transfer any funds by November 17th, when its services will shut down.

In a letter to customers, Gemini cited unspecified prerequisites from De Nederlandsche Bank (DNB) as the reason for closure. It directed users to withdraw funds or move assets to Bitvavo, a licensed Dutch exchange that will remain available.

Gemini withdraws following Binance in summer

The development closely mirrors crypto leader Binance, which withdrew from the Netherlands over the summer after failing to gain regulatory approval. Industry observers note the escalating oversight of cryptocurrencies among European authorities that is squeezing non-compliant platforms.

However, Gemini stated that its departure will be temporary as it works to conform its business to new European Union regulations under the Markets in Crypto-Assets (MiCA) framework. A spokesperson said the uniform rules will eventually provide a path to re-enter the Dutch market in compliance with EU standards.

Last month, the DNB’s Tobias Oudejans said it would be reasonable for Binance to pursue the same strategy of seeking EU licensure to restart Dutch operations. As EU member states transpose MiCA into local law, compliance could enable access across borders.

But Gemini’s forced exit underscores the challenges exchanges face adapting to Europe’s complex oversight landscape in the meantime. Strict interpretation of existing rules in the Netherlands has now claimed two high-profile casualties.

While Gemini failed to satisfy DNB conditions, the bank’s reluctance to authorize large players like Binance and Gemini also points to extraordinarily high hurdles for licensing. Some industry advocates argue that an excessively rigid stance risks limiting competition and innovation.