Dutch Central Bank Defeated by Bitcoin Exchange in Major Court Case

A Rotterdam court has ruled that Dutch cryptocurrency exchanges are no longer required to verify wallet addresses.

Bitcoin trading platform Bitonic has scored a major victory over De Nederlandsche Bank (DNB), according to its May 20 announcement.

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.

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 agreed to drop the rule following the court decision.

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.