Bitcoin service provider Banxa, partner of Binance, by approval of DNB

EU Internet Ventures B.V. is registered with the supervisory authority De Nederlandsche Bank. It is the Dutch private limited company of Bitcoin and cryptocurrency service provider Banxa.

This makes it the first foreign party to be included in the central bank’s register. This makes Banxa the thirteenth Bitcoin Future company that is allowed to offer services to Dutch customers.

Banxa

It is a company founded and based in Australia. They penetrate the European market from a second office in Amsterdam-Centre.

They specialise in exchanging cryptocurrency’s into fiat currencies. With this service they have been able to attract clients such as Binance, Bybit, OKEx, Kucoin and Changelly.

Customers can exchange their cryptocurrency via the usual networks (SEPA, SOFORT), but also via iDeal, which has a large market share in the Netherlands.

In other words, with Banxa, Binance can offer iDeal functionality to Dutch customers. That is why Banxa is obliged to register.

As an intermediary, they are charged by a commission, which ultimately ends up on the customer’s plate.

More time

Companies with pending applications will have more time to register now that the initial deadline of 21 November has passed. Initially there were 39 applicants, but according to the DNB there was also a group that dropped out early.

Earlier this week, the Minister of Finance, Wopke Hoekstra, announced that companies do not have to close down immediately if they do not meet the deadline.

The central bank has estimated the supervisory costs for 2020 at EUR 1.7 million. Registered companies will have to cough up these supervision costs.

25 Bitcoin signed a letter of fire addressed to De Nederlandsche Bank. The companies feel that the rules set are too strict and not feasible within the time limits set. One of the problems is that exchanges have to ask each customer to have their bitcoin address verified.