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Dutch Central Bank Restricts Crypto Exchange Withdrawals

Dutch Central Bank Restricts Crypto Exchange Withdrawals
  • The Dutch central bank now restricts crypto exchange withdrawals through its new AML rule.
  • Crypto users must provide additional details to prove their crypto wallet ownership.
  • Europe is showing great interest in cryptocurrency.

The Dutch central bank now restricts crypto exchange withdrawals through its newly-imposed regulation. Crypto users must now prove their crypto wallet ownership by uploading a screenshot from the wallet or signing a message.

De Nederlandsche Bank (DNB) has implemented this rule in line with its recently published fact sheet. Here, the Dutch central bank quotes Dutch and EU laws such as the Sanctions Act 1977 and the Anti-Money Laundering and Anti-Terrorist Financing Act.

In line with this, Bitonic, the largest and oldest bitcoin broker in The Netherlands, incorporates an additional verification measure regarding Bitcoin addresses.

To clarify, Bitonic stated that,

From now on, we are required to ask additional details such as the purpose with which you intend to purchase Bitcoins and what kind of wallet you use.

DNB also specified what crypto service providers like Bitonic should do. They must check whether their clients and any ultimate beneficial owners (UBOs) are on a Dutch or European sanctions list. If there are any hits, they should report it to DNB.

Bitonic said it found these new rules “ineffective and disproportionate,” and crypto users seem to agree with that as well. Prior to this, the Dutch central bank has received 39 applications from crypto companies to register under the EU Anti-Money Laundering Directive (5AMLD).

Europe is showing great interest in cryptocurrency. In the same way,  strong initiatives to facilitate the proper use of it is taking place. The European Central Bank (ECB) already launched its public consultation on the digital euro. On the other hand, UK Treasury Chancellor Rishi Sunak includes CBDCs and stablecoins in the country’s future financial services.

An aspiring journalist who spills her ideas in cryptocurrency and blockchain-related matters. With her background in Communication and Journalism, she is more inclined to write about reality than fiction.