Bitonic considers DNB rules too strict


Bitcoin company Bitonic wants to know from the judge whether regulator De Nederlandsche Bank (DNB) with its crypto rules is too strict for providers of digital coins. Bitonic believes that DNB’s requirements are contrary to the privacy rules. The case later on Tuesday goes to the Administrative Court in Rotterdam.

According to the rules of the regulator, crypto providers of every buyer of bitcoins must verify who it really is (KYC). Bitonic indicates that it wants to carry out checks on who is buying bitcoins, but on the basis of own risk considerations.

Since May last year, registration with DNB is mandatory for all companies that provide services in the Netherlands for exchanging or storing bitcoins and other cryptocurrencies. They are requirements to prevent money laundering and terrorist financing. One of the conditions is for companies to indicate where their customers got the money deposited and check that they are not on a sanction list.

About the author

Lesley Woutersen

Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by [email protected]

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