The Central Bank of the Netherlands withdraws wallet verification requirements for Bitcoin exchange Bitonic»CryptoNinjas
Bitonic Bitcoin exchange company based in the Netherlands, Announced that the country’s central bank, De Nederlandsche Bank NV (DNB), has admitted that Bitonic recently disputed the so-called wallet verification requirements.Officially recognized by regulators Bitnick’s point of view The request made is illegal and should never be made during the registration process:
“After reconsidering, DNB concluded that this interpretation of RtSw in Article 2 Paragraph 2 by DNB does not provide sufficient discretion for organizations to implement the standard in a risk-oriented manner. Therefore, DNB is wrong. Set registration requirements as conditions. Register with Bitonic.”
In other words, DNB admits that Bitonic is correct.this is Court order Dutch supervisors should better motivate their registration decisions. Essentially, DNB chose to withdraw the requirements specified in the registration decision.
“The DNB’s objection was well-founded, and it withdrew its main decision on November 17, 2020, because it involved the interpretation of Article 2 paragraph 2 of RtSw with registration requirements advocated by DNB.”
This means that Bitonic will remove wallet verification measures as soon as possible. For example, the exchange will no longer require copies of your wallet screenshots for all transactions. The company is further studying whether other simplification methods are feasible.
The Bitonic team issued the following statement:
We are glad that this can eliminate the illegal and cumbersome procedures for our customers. At the same time, we are concerned that regulators only respond to industry complaints after court intervention. What if Bitonic does not go to court? We hope that politicians will think more about this. Due to this situation, the entire Dutch crypto sector is facing high costs and administrative burdens.in spite of Previous warning The risk and Violation of customer privacy Not yet correct. As a result, the process we went through damaged the innovation and business climate in the Netherlands. This is in stark contrast to the Dutch claim that inspires an innovative business climate. When we further study the formal decision, further analysis and follow-up steps will be carried out. For now, this result is a positive step for the Netherlands and the international community. It is now clear that cryptocurrency regulators may not improperly refuse cryptocurrency companies to enter the market based on requirements and procedures with an inadequate legal basis.