Dutch Central Bank halts Crypto Wallet Verification plans after Court Order

An unprecedented court order has halted plans by De Nederlandsche Bank (DNB) to effect a mandatory wallet verification for crypto traders.

Dutch exchange platform, Bitcoinic, tabled the matter before a Rotterdam court on the grounds that it might infringe on the right of users.

“Last night we received a decision from DNB about the objection made by Bitonic with regard to the so called wallet verification requirement. The regulator formally acknowledged Bitonic’s view that the requirement as presented was unlawful and should never have been made during registration.” a statement from the exchange company read.

The central bank issued a press statement aftermath of the court judgement backtracking from their initial stance. And snippets from the release was attached to Bitonic statement.

“DNB declares the objection well-founded and revokes its primary decision of 17 November 2020,”

As a result, Bitconic will no longer copies of wallet screenshot.

“For example, we will no longer ask for all transactions a copy of your wallet screenshot. We will further investigate which other simplifications are possible,” 

“First of all, we are very happy for our customers. And we compliment the central bank for the decision to revoke their previous requirement,” Simon Lelieveldt, a compliance advisor at Bitonic said.

“We do feel, however, that there is a need for parliament to further investigate what went wrong here and we suggest they speed up a planned evaluation process on this issue,” 

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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