Dutch bitcoin-only exchange BL3P will close operations on December 20, 2024, due to new regulations, with users encouraged to transition to its parent platform, Bitonic.
After more than a decade of service, BL3P, the Netherlands' only bitcoin-only exchange, will officially close its operations on December 20, 2024. The decision to shut down the platform, according to a statement released by BL3P, was driven by new regulatory frameworks, particularly the Markets in Crypto-Assets (MiCA) regulation. This new regulatory environment has prompted the exchange to shift its focus toward enhancing the Bitonic platform, which it also operates.
In a blog post, BL3P explained, “This decision, driven by new regulations such as MiCA, will allow us to fully focus on improving the Bitonic platform and its product range. While BL3P has been an integral part of Bitonic and the bitcoin community for over a decade, we believe that this transition will enable us to provide you with better services and new opportunities moving forward.”
Until the shutdown date, BL3P users can continue trading, depositing, and withdrawing funds as usual. After December 20, any remaining balances will automatically be transferred to users' Bitonic accounts, and trading, deposits, and withdrawals will be disabled. However, users will still have access to their trade history through the BL3P website.
BL3P also announced that its Lightning NFC card, a feature that enabled faster transactions using the Lightning Network, will be deactivated on the same date.
The exchange is encouraging its users to transition to Bitonic, which will eventually incorporate several features from BL3P, including target orders, dynamic withdrawal fees, and Lightning Network integration. Although an exact timeline for these features has not been provided, the company has committed to enhancing the platform to meet users' needs.
BL3P’s closure comes at a time of increasing regulatory scrutiny, particularly in Europe. The MiCA framework, which aims to regulate the Bitcoin market more comprehensively, has created new challenges for smaller exchanges, pushing them to adapt or consolidate their operations.
BL3P's parent company, Bitonic, reassured customers that the transition would offer several advantages, such as a user-friendly mobile app, free deposits, and instant euro withdrawals. The company aims to improve its services while integrating features that BL3P users have grown accustomed to.
For now, BL3P users are advised to log into their Bitonic accounts using the same email addresses associated with their BL3P accounts to ensure a smooth transition of funds. The company’s customer support team will be available to assist with any issues during this transition period.
