Bitpanda Bids Farewell to the Netherlands

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It’s official: Bitpanda, the Austrian powerhouse exchange, is calling it quits in the Netherlands. From February 1, 2024, Dutch customers will have to bid adieu to the services Bitpanda once offered.

Bitpanda, born in Austria, has evolved into a European juggernaut boasting over 4 million customers. They are known for their cryptocurrency investment offerings, but you can also dabble in commodities and fractional shares. As if that isn’t enough, they even provide prepaid credit cards that are linked to your Bitpanda crypto wallet.

Exit

Dutch users have now been informed that they won’t be able to trade on Bitpanda from February 1, 2024. What’s noteworthy is that Bitpanda’s is not seeking registration with the DNB (De Nederlandsche Bank), the Dutch regulator for cryptocurrency service providers. This is surprising news, especially considering Bitpanda has received the green light in other European countries such as Austria, Germany, France, Sweden, and Norway.

But what’s the plan now? Bitpanda suggests Dutch users can switch to Bitvavo, but there’s no transfer service available. Users will have to sell or move their assets on their own. For unique products like fractional shares, gold, and silver, selling is even a necessity. Fortunately, popular cryptocurrencies like bitcoin and Ethereum can easily be transferred to other exchanges, such as Finst or Bitvavo, both registered with the DNB.

Readers should choose wisely and opt for an exchange with a Dutch registration. Otherwise, you risk ending up in a similar situation, where an exchange has to cease its services in the Netherlands.

Multiple approvals

Bitpanda, beyond being a major player in the crypto exchange scene, has secured approvals in multiple European countries. The platform’s versatility extends beyond cryptocurrencies, allowing users to invest in commodities and fractional shares. Notably, Bitpanda also offers prepaid credit cards that can be seamlessly integrated with their crypto wallets, providing users with a comprehensive financial ecosystem.

Despite the withdrawal from the Netherlands, Bitpanda continues to strengthen its presence in various European markets. The recent collaboration with FC Bayern Munich, where Bitpanda became the official crypto partner, showcases the platform’s commitment to strategic partnerships and its role in the broader financial landscape.

Trading in futures, options, forex, CFDs, stocks, cryptocurrencies, and similar financial instruments carries significant risk and is not suitable for everyone. Before trading, carefully assess whether it aligns with your experience, financial situation, investment goals, and risk tolerance.

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