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Dutch Central Bank Defeated by Bitcoin Exchange in Major Court Case

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Thu, 05/20/2021 - 14:43
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Alex Dovbnya
Bitcoin exchange Bitonic has scored a legal victory against the Dutch central bank in a landmark case over wallet verification requirements
Dutch Central Bank Defeated by Bitcoin Exchange in Major Court Case
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Dutch cryptocurrency exchanges are no longer required to verify wallet addresses after De Nederlandsche Bank (DNB) backtracked on the policy, according to a May 20 announcement made by Bitcoin trading platform Bitonic.  

Bitonic took the central bank of the Netherland to court this January, seeking a preliminary injunction to put an end to the draconian Know Your Customer (KYC) rule.

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DNB made it mandatory for exchanges to verify whether their users are the legitimate controllers of their wallets in 2019, which was viewed as privacy overreach. 

It has now agreed to drop the rule after a Rotterdam court ruled that Bitonic's objections had to be taken into consideration last month.     

Bitonic says that it will remove the verification measures "as soon as possible." For instance, it will no longer require its users to take screenshots of their wallets.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.