What is happening?
Gemini is no longer offering crypto services to the Dutch market from the 17th November 2023. This is due to requirements imposed by the De Nederlandsche Bank (DNB). It is our top priority to make the transition of your fiat and crypto assets from Gemini as easy and seamless as possible for our Dutch users.
What you need to do
As the timeline for withdrawals has closed, there is currently no action required from Dutch customers.
All affected accounts have been closed as of 17th November 2023 and Dutch users will no longer be able to access Gemini’s exchange or custody services.
Our team is working to convert any remaining customer crypto assets into Euros, however to ensure competitive market return rates for you, we anticipate this process to take a few weeks.
We will be in touch with affected account holders once the conversion is complete with instructions on how to withdraw your Euro balance from Gemini into your bank account.
Please note in circumstances where we are forced to liquidate a client position, a discount will be applied to the market rate, to offset the risk Gemini assumes during the period between taking on the client position and the sale of the asset to a third party.
Should you require a copy of your account statements or transaction history following the closure of your account, please contact firstname.lastname@example.org
Reopening your account in the future
Gemini continues to be committed to working collaboratively with regulators around the world and is focused on getting our business ready to be fully compliant with the new EU rules on crypto-assets, as set out under the Markets in Crypto-Assets Regulation (MiCA), whereby we hope to be able to offer crypto-asset services to customers based in the Netherlands in the future.
If you have questions for Gemini, you can reach out to the Gemini support team here.
If you have any questions for Bitvavo, you can reach their support team here.