Registrations in other European countries are also in preparation
Press Release : Rotterdam, 6 November 2020 - LiteBit is officially registered with the Dutch National Bank (DNB) from today. The Rotterdam broker is one of the first crypto parties to meet the requirements of the regulator DNB. In April it was announced that crypto parties will from now on be placed under the supervision of DNB and must register. LiteBit, which was recently named best crypto broker for the second year in a row, is proud of its registration and supports the new developments that make the market more transparent.
With the acquired registration in the Netherlands, LiteBit proves that it takes the security of its users and that of the sector in general, seriously. The new laws and regulations, which were passed by the Senate on April 21st, obligate crypto parties to be transparent and open to the regulator DNB. For example, money laundering and terrorist financing must be prevented.
The change in law is a positive development, says Olivier van Duijn, CEO at LiteBit: “This is an important milestone for the crypto sector, but especially for all crypto traders in the Netherlands. DNB's supervision ensures that only serious players remain. This makes it safe to trade in crypto for the consumer. With the obligation to register, the crypto market in the Netherlands is taking a big step towards maturity. We are extremely proud that we are one of the first parties to meet the requirements of De Nederlandsche Bank. "
LiteBit has the ambition to become the largest in Europe. In addition to a registration in the Netherlands, the crypto party is therefore also working on registrations in Germany, France and Austria, among others.
A year of preparatory work
LiteBit has invested heavily in trust and security in recent years and before it was announced that crypto parties would be subject to supervision by DNB, there was already a policy to prevent money laundering and terrorist financing. The registration and requirements therefore fit well with the core strategy of LiteBit. Van Duijn: “It is expected that regulation of the entire market will be raised to a higher level. It radiates professionalism and maturity. That might be that little push that someone needs to start trading. We expect that many consumers will start investing in crypto.”
Disclaimer: 2525 Ventures B.V., trading under the name LiteBit, is registered with De Nederlandsche Bank N.V. (DNB) as a provider of crypto services. DNB supervises compliance by 2525 Ventures B.V. of the Money Laundering and Terrorist Financing (Prevention) Act and the Sanctions Act 197. 2525 Ventures B.V. is not subject to the prudential supervision of DNB or the conduct of business supervision of the AFM. This means that no financial requirements or business risks are monitored and there is no specific financial consumer protection. ”