Dutch bitcoin exchange Bitonic requires users to submit wallet screenshots

The Dutch bitcoin exchange Bitonic notified users of an additional verification requirement due to local regulator requirements. From 16 November, the company is obliged to monitor fund movements, говорится in a press release.

Representatives of the exchange said that the Dutch authorities обязали providers of crypto-asset services to verify incoming and outgoing transactions in accordance with the Sanctions Act. Otherwise, the companies face a refusal to register.

“Now we must request additional information, including the purpose for which you intend to buy bitcoins, and which wallet you use,” the statement reads.

Bitonic users must confirm every withdrawal address by sending a wallet screenshot or a signed message. The exchange emphasised that it has repeatedly urged the regulator to drop ‘this ineffective and disproportionate requirement’.

“The Netherlands currently remain the only country in the European Union where such sweeping measures are applied,” Bitonic said.

Journalist Aaron van Wirdum confirmed that other EU countries do not require bitcoin exchanges to implement such measures.

As imposed by the Dutch central bank (@DNB_NL), Bitcoin exchanges in The Netherlands must now ask their customers to ‘prove’ they really control their withdrawal address. No other European country requires this.

Via @Bitonic: https://t.co/UEtVJD3e5z. pic.twitter.com/Nbsa9usSWF

— Aaron van Wirdum (@AaronvanW) November 17, 2020

Earlier in September, the European Commission presented a 168-page document proposing to impose ‘stricter requirements’ on cryptocurrencies and stablecoins.

International Association for Trusted Blockchain Applications expressed concerns about such plans, saying that new rules could place an excessive burden on the industry.

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