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A Dutch court ruled in favor of crypto exchange Bitonic allowing it to forgo the crypto wallet verification requirements implemented by the De Nederlandsche Bank (DNB). Earlier this year, the exchange filed a complaint against DNB, the central bank of Netherlands, earlier, contesting the monetary authority’s strict requirement.
“Last night we received a decision from DNB about the objection made by Bitonic with regard to the so called wallet verification requirement,” Bitonic wrote in a post. “The regulator formally acknowledged Bitonic's view that the requirement as presented was unlawful and should never have been made during registration.”
Bitonic filed a lawsuit against the central bank on March 23 over the wallet verification requirement. “Despite our repeated requests to DNB to withdraw this ineffective technical requirement, this has remained a strict condition to become registered,” the crypto exchange wrote.
The exchange questioned DNB’s additional requirement of “verifying every address for every transaction” saying that it “has no technical merit” and violates customers’ privacy. The Rotterdam District Court ruled in Bitonic’s favor acknowledging the exchange’s doubts on the legality of DNB’s wallet-verification requirement, according to Cointelegraph.
In the central bank’s communication to the crypto exchange, the monetary authority admitted that Bitonic is right and has revoked the requirement. “DNB declares the objection well-founded and revokes its primary decision of 17 November 2020, insofar as this relates to the interpretation of Article 2, second paragraph, of the RtSw with the registration requirement, advocated by DNB,” the central bank said, according to Bitonic’s post.
The crypto exchange has informed its clients that the verification procedure will be removed from its platform. “This means that we will remove the wallet verification measures as soon as possible,” Bitonic said. “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.”
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