Court backs Bitonic in dispute with Dutch central bank

The Rotterdam District Court ordered the Dutch central bank to justify the requirements imposed on cryptocurrency service providers. This is stated in the ruling.

In November 2020, the local Bitcoin exchange Bitonic obliged users to take screenshots of wallets or send a signed message in accordance with the regulator’s instructions. In January 2021, the trading platform requested clarification of the KYC verification procedure.

The court pointed to a list of measures Bitonic has taken to curb illicit transactions. Within six weeks the central bank must justify the requirements it imposes on representatives of the cryptocurrency industry.

Earlier, the Irish authorities warned about expanding the anti-money-laundering and counter-terrorism financing law to companies dealing with digital assets.

In February 2021, the Austrian financial regulator urged tougher regulation of the sector amid rising fraud activity.

Earlier, the Estonian Ministry of Finance proposed stricter rules for cryptocurrency service providers.