Category: Netherlands

Dutch Political Candidate Puts up ‘Bitcoin Is the Future’ Billboards With Laser Eyes

Billboards saying “Bitcoin is the future,” featuring laser eyes, can now be seen in the Netherlands. They are part of an election campaign for Robert Valentine, the chairman of the Dutch Libertarian Party and candidate for the upcoming parliamentary election. Dutch Pro-Bitcoin Parliamentary Candidate With Laser Eyes on Billboards The Dutch Libertarian Party candidate for […]

Dutch Bitcoin Exchange Files Preliminary Injunction to Suspend Wallet Verification Rule Enacted by the Netherlands

Dutch Bitcoin Exchange Files Preliminary Injunction to Suspend Wallet Verification Rule Enacted by the Central BankA 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 […]

Bitstamp imposes KYC for Dutch traders withdrawing to external wallets

To comply with Dutch regulations, Netherlands-based Bitstamp users can no longer make withdrawals without first providing photographic proof they own the recipient wallet.

Digital asset exchange Bitstamp has reportedly banned Netherlands-based users from withdrawing crypto to external wallets without first verifying they own the receiving address.

According to a letter authored by Bitstamp that was shared on Twitter by user “Bitcoin Marcus,” Bitstamp’s users in Holland must now submit third-party addresses alongside photographic evidence they own the wallet for whitelisting before withdrawals will be processed.

“Whitelisting is a security feature which was already available at Bitstamp, but now it has become obligatory for all customers affected by the new regulation in the Netherlands,” the letter stated.

Bitstamp’s new withdrawal rules are in response to anti-money laundering regulations that were drafted by Dutch regulators in November 2019 and passed into law 12 months later.

These rules stipulate that “crypto service providers must check whether their clients and any ultimate beneficiary owners are on a Dutch or European sanctions list” before providing services, and monitor all “incoming and outgoing payment transfers.”

In November, Netherlands-based Bitcoin exchange Bitconic informed its users they needed to comply with the new verification measures for withdrawals. At the time, the exchange called the enforcement of the central bank’s policy “a nuisance.”

Bitstamp users went further in their criticism of the regulations, with Twitter user “xcsler” mocking the exchange’s efforts to comply with Dutch law:

“Clearly, the next step will be to make people responsible for all subsequent transactions from that whitelisted address.”

In November, quantitative analyst PlanB likened the Dutch regulations to policies recently recommended by U.S. Treasury Secretary, Steve Mnuchin. Coinbase CEO Brian Armstrong made waves online at the time, expressing major concerns over Mnuchin’s proposed regulation on self-hosted crypto wallets. 

It is not yet clear how incoming U.S. President Joe Biden’s administration will handle KYC/AML enforcement in the crypto space. Lawyer Jake Chervinsky has argued that Mnuchin’s policy has "exactly zero chance" of becoming an enforceable law under Biden’s pick for Treasury Secretary, Janet Yellen.

Cointelegraph reached out to Bitstamp for comment, but did not receive a reply at the time of publication.

Anycoin Direct Launches Innovative New Platform

Anycoin Direct Launches Innovative New PlatformCryptocurrency exchange service Anycoin Direct rolls out a new website for the European market. With their newly designed website, Anycoin Direct aims to make the buying and selling process of cryptocurrencies more accessible for everyone. The personalized design is unique within the cryptocurrency industry and was chosen to create a more reliable and trustworthy appearance. […]

The post Anycoin Direct Launches Innovative New Platform appeared first on Bitcoin News.

By continuing to use the site, you agree to the use of cookies. more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.