Dutch crypto exchange users bemoan additional KYC requirements
Bitstamp traders based in the Netherlands now have even more regulatory hoops to scale before being able to withdraw their funds. Crypto exchange platform Bitstamp is reportedly demanding additional Know Your Customer compliance steps for Dutch-based users.According to a notice sent to Twitter user “Bitcoin Marcus,” — a Bitstamp user — the platform says account holders in the Netherlands have until the end of January to provide additional verification documents or risk their accounts being suspended.Today @Bitstamp has gone even further than the law requires. They now want me to: - show....
Related News
A Dutch bitcoin (BTC) exchange has filed a preliminary injunction at a court in Rotterdam to suspend the central bank’s additional wallet-verification requirements. Bitonic seeks to challenge the new rules enacted by the De Nederlandsche Bank (DNB) on Sept. 21, 2020. Dutch Exchange Argues Additional KYC Rules Lack ‘a Proper Legal Basis’ Per the bitcoin exchange’s announcement, the additional know your customer (KYC) requirements imposed by the central bank violate users’ privacy. However, the crypto firm clarifies that the legal obligations “are not....
Netherlands-based crypto exchanges are now required by law to get additional information from clients regarding their bitcoin addresses. As part of the new requirements, which went into effect on Nov. 17, clients must now furnish exchanges with reasons why they wish to buy bitcoin. They will also need to inform the exchange officials of the kind of wallet they use. Additional Requirements The new Dutch regulatory changes have gone into effect despite protestations by some of the country’s crypto exchanges. The Dutch Central Bank (DNB), which is enforcing the new regulations, wants....
Unique in Europe, the Dutch central bank now requires Bitcoin exchanges to prove that their users actually control their withdrawal addresses. Bitconic, a Netherlands-based Bitcoin (BTC) exchange, has informed its users that they now need to comply with a new verification measure in order to continue to use their services. The change comes following new requirements from the Dutch central bank, which were published in Nov. 2019 and stipulate that:"Crypto service providers must check whether their clients and any ultimate beneficiary owners (UBOs) are on a Dutch or European sanctions list....
The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency....
If you are making a purchase using bitcoin in the Netherlands, you may soon be exempt from VAT. Dutch Bitcoin news website Coincourant.nl reported that Jacob Kamminga, the Dutch Minister of Finance. Speaking at the Free University of Amsterdam, or Vrije Universiteit Amsterdam during a debate, he indicated that the government may exempt bitcoin from VAT. While this is still not the official position of the Dutch government, Finance Minister Kamminga's view should be seen to be a harbinger of good news for the Dutch Bitcoin community. Under current Dutch law if you pay by bitcoin, that sale....