Last month, Netherlands-based bitcoin exchange company Bitonic (also operator of BL3P) became officially listed in the crypto-register of the Dutch Central Bank (DNB). The Bitonic team implemented all required measures and has continued services to its customers. The new legal requirements originate from the fifth European Anti-Money Laundering Directive (AMLD5) which is implemented via changes in the Dutch anti-money laundering law.
Dutch legislation obliges Bitonic to verify customer identities through passports, ID cards, and/or driver’s licenses. This applies to all amounts, even customers buying for an amount as little as €5. Additionally, Bitonic is required to check transactions and monitor their origin and behavior based on risks.
“Bitonic has mixed feelings about the new legislation. On the one hand, it would be expected that legislation would eventually come into effect and that creates a certain legitimacy of the market. We are of course also in favor of combating fraud, money laundering, and other criminal activities. On the other hand, we are very concerned about proportionality, the criminalization of the industry, and especially the privacy of our customers. We see that European legislation has been introduced in other European countries with a greater understanding of the market and technology. Of all those countries, the Netherlands appears to face the most extreme demands, and we are very disappointed by this.”
– The Bitonic Team
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