New regulations applicable for Dutch crypto companies
Before we get started, it is good to know that from May 21, 2020, new legislation has come into force for all crypto companies in the Netherlands. Companies that fail to comply with these guidelines run the risk of sky-high fines and in some cases even have to close their doors. We therefore advise everyone to only do business with crypto companies that adhere to this legislation and thus fall under the supervision of De Nederlandsche Bank (DNB). If you do not do this, you run the risk that your money will be frozen or a crypto broker suddenly stops paying out and you will therefore no longer be able to access your cryptocurrency. 😶
DNB says no to a copy of ID
After several months of puzzling and testing various new verification methods, we have come to the conclusion that verification by video is necessary to meet the requirements of the DNB. It is good to know that various crypto brokers were clearly told during a presentation by the DNB that a copy of an ID is not sufficient because it can easily be forged. Of course, every crypto provider deals with this in its own way, but you can assume that from May 21 it will no longer be possible to buy or sell cryptocurrency with just a copy ID. Even extra measures such as a Selfie ID or bank account verification would simply not be enough. 🤔
Prevents fraud and cybercrime
With the introduction video we think we have found a simple and safe solution for our customers that complies with all new regulations and verification requirements cannot be falsified. As a company that stands for protecting and fighting for privacy, we are of course not really proud of it. But we see a lot of added value in the field of security and fraud prevention. By asking for an introductory video, cyber criminals no longer have a chance of success on our platform. This ensures that we can stop a huge amount of fraud and in some cases even help victims of fraud by returning their funds. In this way, purchasing and selling via SATOS remains safe for everyone and together we ensure that cryptocurrency is put in a better light. 🌞
Your privacy is our right to exist.
The law requires us to check and store your personal data. It is good to know that data from our customers is always stored on encrypted servers and is always taken offline where possible. Since our establishment in 2016, we have handled our customer data with the utmost care. We will therefore never use documentation supplied by you for commercial purposes. Of course it is also in our own interest that your personal data never ends up on the street. In the unlikely event that this should happen, General Data Protection Regulation (AVG) legislation obliges us to notify you immediately. Are we not doing this? Then we run the risk of receiving huge fines.
We appreciate that you took a moment to learn more about our rationale for introducing video verification. In recent years, there has not been a day when we have not fought for the privacy of our customers. We hope that despite the new regulations and stricter verification requirements, you believe that our vision has remained unchanged. Of course we also understand if you have to let the above information take effect for you. If you have any feedback, questions or comments about this new verification method after reading this article, please let us know via the live chat at the bottom right of this page.