Dutch Central Bank Loses Battle Over Bitcoin

Bitonic, the oldest Bitcoin exchange in the Netherlands, recently had its day in court with the Dutch Central Bank (DCB). At issue was the legitimacy of DCB’s mandate that Bitonic (and other Bitcoin exchanges and custodians operating in the Netherlands) implement very stringent “address verification procedures” in order to obtain the legally required registration with the DCB.

The judge’s opinion in the case was generally favorable towards Bitonic’s complaints, and, on April 7, she gave the DCB six weeks to review its policy. Wednesday evening, the DNB formally acknowledged the legitimacy of Bitonic’s complaints and revoked its mandate for stringent address verification requirements as part of the registration regime.