Dutch Crypto Exchanger Sues Central Bank Over Strict KYC Rules

Dutch bitcoin exchange platform Bitonic filed legal action against central bank demanding suspension of current KYC regulations for wallet verification.

The company believes that the protocols for complex processing of personal data imposed by the regulator at the stages of verification of wallets for withdrawal of funds are too strict and violate applicable laws on customer privacy. She wants to return to a model in which the platform itself could assess the risks and, if necessary, ask the user to go through the confirmation procedure..

Earlier 25 holders of licenses for such activities also sent a joint letter to a Dutch bank, asking them to clarify the need for such high control measures. However, the Central Bank is in no hurry to discuss controversial rules.

Bitonic further reinforces its claims with the results of a consultation with a law firm, which also insists on the groundlessness of the central bank’s claims. The platform expects the judge to determine the degree of legality of the procedure and put an end to this issue.

Dutch Crypto Exchanger Sues Central Bank Over Strict KYC Rules

Other Dutch crypto exchanges support the claim, but it is not yet known if they will go to court themselves.

We also previously reported that China’s central bank intends to criminalize all yuan-backed private stablecoins..

Dutch Crypto Exchanger Sues Central Bank Over Strict KYC Rules

text: Ivan Malichenko, photo: elseone

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