The Netherlands-based cryptocurrency exchange BitKassa has decided to close down its services on May 17, 2020, due to the excessive demands of the Dutch Central Bank.
The exchange says the Dutch Ministry of Finance does a great job serving the Dutch Central Bank "in enforcing unreasonable regulation upon Dutch Bitcoin companies."
Previously iHodl reported that De Nederlandsche Bank (DNB), which is the central bank of the Netherlands, ordered the obligatory registration of crypto companies operating in the country.
The bank's decision to order cryptocurrency firms to register comes after the country's parliament passed a new AML legislation last month to comply with the European Union’s AML directives and standards set by the Financial Action Task Force (FATF).
According to the DNB, companies that do not register "must cease their existing activities" by May 18 and face fines and "enforcement action."
"Besides the considerable financial burden, the Dutch Central Bank also imposes extensive and excessive regulation. We consider these regulatory demands to be disproportionate to the size and nature of our business," BitKassa said in a statement.
The company, which was founded back in 2014, offered its users a discount for paying on Amazon with Bitcoin.
Access more than 50 of the world's financial markets directly from your EXANTE account– including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.