Binance has stopped operating in the Netherlands and is directing its Dutch customers to Coinmerce, a registered crypto exchange and wallet service provider. Binance failed to obtain recognition as a virtual asset provider, resulting in Dutch residents being unable to use its services.

Coinmerce is offering Binance customers a free transfer of their digital assets under the supervision of regulators. Last year, Binance was fined for serving clients in the Netherlands without authorization and last month, it announced it would not accept new customers in the country.