US cryptocurrency exchange Gemini has announced that it is leaving the Dutch market but plans to return in the future. This is due to the requirements of the regulator, which the site was unable to satisfy.

The suspension of Gemini’s operations in the Netherlands is scheduled for November 17th. The exchange sent out a notification to local users, according to which clients of the site need to withdraw funds or transfer them to their own wallets before this date.

“We ask that you clear your account balances by November 17th and ensure that you have no assets remaining in your account before that date,” Gemini wrote.

One of the options for withdrawing funds is a transfer to the local cryptocurrency exchange Bitvavo, which is registered with the regulator. It was launched in 2018 and is a member of the Netherlands Bitcoin Companies Association.

At the same time, the exchange plans to return to the Dutch market after its business “is ready to fully comply with the new rules regarding crypto assets” (we are talking about MiCA). Currently, 37 virtual asset service providers are registered with the local regulator, including Coinbase, eToro and Crypto.com.

Let us recall that in June the largest cryptocurrency exchange Binance announced its departure from the Netherlands. The reason for this decision was also the inability to comply with regulatory requirements.