company Bitonic is now registered with De Nederlandsche Bank
Last month, Dutch-based bitcoin exchange company Bitonic (also operator of BL3P) was officially listed in the crypto register of De Nederlandsche Bank (DNB). The Bitonic team has taken all the required measures and has continued to provide services to its customers. The new legal requirements stem from the fifth European Anti-Money Laundering Directive (AMLD5) which has been implemented through amendments to the Dutch Anti-Money Laundering Act.
Dutch law requires Bitonic to verify the identity of customers by means of passports, identity cards and/or driving licenses. This applies to all amounts, including customers who buy for only €5. In addition, Bitonic is required to check transactions and monitor their origin and behavior based on risk.
“Bitonic has mixed feelings about the new legislation. On the one hand, it is expected that the legislation will eventually come into force, which creates a certain legitimacy for the market. We are of course also in favour of combating fraud, money laundering and other criminal activities. On the other hand, we are very concerned about proportionality, the criminalisation of the sector and, above all, the privacy of our customers. We see that European legislation has been introduced in other European countries with a better understanding of the market and technology. Of all these countries, the Netherlands seems to have to meet the most extreme requirements and we are very disappointed with that
” – The Bitonic Team
Published on Tue, 08 Dec 2020 19:45:40 +0000