Two Dutch cryptocurrency companies, Bitvavo and Coinmerce, secured partial victory against the Dutch Central Bank (DNB).
The Rotterdam court found that DNB acted beyond its powers when it demanded the sum of €2.3 million from these companies for registration under anti-money laundering rules in 2021.
DNB’s registration process was not in line with EU anti-money laundering legislation applicable to crypto companies, the Courts held. Therefore, it was declared unlawful to levy these fees in 2021.
Nevertheless, it is worth pointing out that the court mentioned that these companies should still be overseen. This judgment does not affect the fees applicable for 2020 or the legal cases on fees for the year 2022.
This move is made amidst the Netherlands enacting some of the strictest laws on cryptos. As a result, some of the exchanges like Gemini have withdrawn from the country while Binance has rerouted its Dutch customers to Coinmerce.
A company VBNL, that operates in the cryptocurrency industry in the Netherlands, applauded the court decision that termed the fees imposed on cryptocurrency companies as unjustified.