Coinbase to track off-exchange transactions from Dutch customers

In a new blog post published Thursday, Coinbase says that starting Monday, all of its customers in the Netherlands will need to complete new Know Your Customer, or KYC, requirements when transferring digital assets to wallet addresses that are not based on the exchange. This includes providing the recipient’s full name, the purpose of the transfer and the recipient’s complete residential address. Transfers between Coinbase accounts are not affected by the new rule.  The exchange noted that the change will only impact Coinbase users in the Netherlands, and is being…

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$72M Illuvium NFT Land Dutch auction saves buyers thousands on gas fees

Open-world blockchain game Illuvium managed to keep the average transaction fee for its nonfungible token (NFT) Land at about $20 by holding the Dutch auction on the Illuvium X Layer-2 scaling solution. The price to mint the NFTs was a fraction of the cost users paid to mint in Yuga Labs’ Otherside sale. Illuvium reports that users spent only $350,000 in fees in total to mint nearly 20,000 plots of Land worth about $72 million, all without any reported network errors. By contrast, the Otherside sale was plagued with issues.…

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Dutch regulator says crypto not yet suitable as means of payment or investment

A Dutch regulator stated that the crypto derivatives market should be restricted to wholesale trade. The reasons are not unfamiliar — lack of transparency, market manipulation and “other forms of criminal activity.” On May 12, the head of Capital Markets and Transparency Supervision at the Dutch Authority for Financial Markets (AFM), Paul-Willem van Gerwen, shared his opinion on the crypto derivatives trade at the Amsterdam Propriety Traders Managers Meeting. Van Gerwen highlighted, that despite (or perhaps because of) the market’s rising interest in crypto derivatives trading, the AFM “do regard such…

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Dutch central bank claims Binance is operating illegally

De Nederlandsche Bank, the central bank of the Netherlands, issued a warning to Binance Holdings Limited and its entities offering crypto services to local residents. In a Wednesday statement, De Nederlandsche Bank said the major crypto exchange was not operating in compliance with the country’s Anti-Money Laundering and Anti-Terrorist Financing Act, alleging Binance customers were at risk of “becoming involved in money laundering or terrorist financing.” According to the central bank, Binance is illegally offering crypto services as well as custodian wallets without the required legal registration. The Dutch central…

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Dutch Bitcoin family reveals how they safeguard a fortune in crypto

A family that went all-in on Bitcoin back in 2017 has revealed their secrets to safeguarding the asset now that it has increased in price by around 5,000%. The Dutch family of five’s storage plan includes a series of secret locations spread across four different continents. In 2017 the ‘Bitcoin family’ liquidated all of their assets and went all-in on BTC when it traded around $900. With BTC trading over $45,000 today, their undisclosed fortune is substantially larger. Patriarch of the family, Didi Taihutt, explained that he has hidden the…

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Dutch Football Team AZ Alkmaar to hold Bitcoin and pay players in BTC

AZ Alkmaar is set to become the first professional football club in the Netherlands to pay player salaries in Bitcoin (BTC). In a statement posted on the club website on Thursday, the Eredivisie side, which finished third in the 2020/2021 Dutch football season announced crypto broker Bitcoin Meester as its exclusive and official cryptocurrency partner until mid-2024. According to the announcement, the sponsorship deal with be finalized fully in Bitcoin, with the Dutch club stating its intentions to keep the BTC sum on its balance sheet. AZ Alkmaar will also…

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Dutch official calls for complete ban on Bitcoin

While El Salvador adopts Bitcoin as legal tender, one Dutch official blasted the cryptocurrency, calling for an urgent blanket ban. Pieter Hasekamp, director of the Dutch Bureau for Economic Analysis under the Ministry of Economic Affairs and Climate Policy, published an essay entitled “The Netherlands must ban bitcoin.” In line with the essay’s title, Hasekamp lists a wide list of reasons why the Dutch government must enforce an immediate total ban on mining, trading and holding Bitcoin (BTC). According to the official, this could cause the price to plummet because Bitcoin “has no…

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Dutch libertarian posts political campaign signs that read ‘Bitcoin is the future’

Robert Valentine, chairman of the Libertarian Party in the Netherlands, has erected a number of pro-crypto billboards in advance of an election later this week. In an image shared on Valentine’s Twitter account, the libertarian party leader appears with laser eyes atop a message which states “Bitcoin is the future.” The party is one of 37 vying for seats in the House of Representatives of the Netherlands, which is scheduled to hold a general election on March 17. Je zou toch maar met je hoofd op een paar billboards staan…

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Dutch Bitcoin exchange drags central bank to court over wallet KYC rule

Dutch Bitcoin exchange platform, Bitonic, has filed a preliminary injunction at a Rotterdam court seeking the suspension of a wallet verification rule enacted by the central bank. Back in November 2019, De Nederlandsche Bank, or DNB, mandated crypto exchanges to ensure their users comply with stringent Know Your Customer protocols. These rules included verification steps for withdrawal wallets, which Bitonic called a nuisance. At the time, Bitonic was only one of three licenses granted by the DNB out of 38 applications to the central banks by crypto exchanges. Indeed, 25…

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Dutch crypto exchange users bemoan additional KYC requirements

Crypto exchange platform Bitstamp is reportedly demanding additional Know Your Customer compliance steps for Dutch-based users. According to a notice sent to Twitter user “Bitcoin Marcus,” — a Bitstamp user — the platform says account holders in the Netherlands have until the end of January to provide additional verification documents or risk their accounts being suspended. Today @Bitstamp has gone even further than the law requires. They now want me to:– show them how much I earn– show them where I got my #bitcoin from– proof of funds Seriously!! WTF!!…

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