Dutch Crypto Exchanges Want a Screenshot of Your Wallet to Prove the Legitimate Ownership of BTC

The additional measures are “forced” upon the cryptocurrency exchanges by the Dutch Central Bank.

Bitcoin exchanges in The Netherlands are taking additional verification measures regarding BTC addresses in reference to the Dutch Central Bank (DNB)’s Sanction Act.

One such exchange Bitonic announced on Monday that it is now “forced” by the DNB to provide additional details regarding the intention behind BTC purchases and the kind of wallet you are using. As such, Bitonic is now,

“Obligated to verify that you are the legitimate owner of the given bitcoin address by requesting you to upload a screenshot from your wallet, or by signing a message.”

As per the Sanction Act, released in Nov. 2019, no funds are to be made available to the individuals and entities that are on the Dutch and EU sanction list by the crypto service providers.

In the event of an actual hit in a sanctions list, the institution needs to notify DNB and either freeze any assets, block the transaction, or do both.

The exchange is against the measure and has pleaded with Bitonic to drop the requirement as it is ineffective and disproportionate. Bitonic is inviting its customers to send their complaints to [email protected] as an “opportunity to formally object to these additional measures and the registration of this data.”

According to the exchange, the Netherlands is currently the only country in the European Union to demand such “far-reaching measures.”

Reportedly, Switzerland also mandates such information from the cryptocurrency exchanges.

Earlier this month, 39 crypto companies, including exchanges and custodial wallet providers, applied for registration with the Dutch central bank to provide crypto services.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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