Dutch digital currency savings platform, Bittr, has ended its operations completely ahead of Holland’s introduction of the EU’s AMLD5 regulations.
The AMLD5 came into effect in the European countries at the beginning of this year, seeking to stamp out money laundering and other financial crimes, and the policies were directly integrated into the Dutch regulatory framework. However, in the Netherlands, the regulations were revised by the DNB (Dutch national bank) as the legislators felt all concerns weren’t adequately addressed. The revised regulations require Crypto operators to conduct stringent KYC and pay mandatory registration for crypto businesses amounts to some $36,500 along with the additional fees mandated to satisfy the compliance requirements.
Bittr’s founder, Ruben Waterman, opposed to collect sensitive identifying data pertaining to his clients and decided not to go through with the process. In a statement, Ruben Waterman said, Bittr isn’t big enough and can’t grow anymore to the required size because of the new regulations.