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Home»News»Bitvavo, a Cryptocurrency Exchange, Says It Hopes to Recoup 280 Million Euros From Dcg
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Bitvavo, a Cryptocurrency Exchange, Says It Hopes to Recoup 280 Million Euros From Dcg

Saheel KhirodkarBy Saheel KhirodkarDecember 19, 2022Updated:December 19, 2022No Comments2 Mins Read
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Reuters, December 16, Amsterdam – Bitvavo, a Dutch cryptocurrency exchange, announced on Saturday that it is suing the US-based Digital Currency Group (DCG) and its affiliates for 280 million euros ($296.30 million).

In order to provide Bitvavo’s own customers with a product where they received interest on their cryptocurrency tokens, Bitvavo claimed it had lent the money to DCG subsidiary Genesis Global Capital.

Following the demise of FTX in November, Genesis stopped accepting withdrawals. Early in December, it informed clients in a letter that it was developing a plan to protect assets.

On November 11, FTX declared bankruptcy, causing an estimated million customers and other investors to suffer total losses amounting to billions of dollars. Bitcoin and other digital assets fell as a result of the collapse, which reverberated throughout the cryptocurrency community.

Despite having sufficient funds to cover the assets for its own customers, Bitvavo stated that it expected to be reimbursed over time. It claimed that its clients were not at risk and could at any time withdraw all of their money.

The accounts in question were held at Genesis, not DCG, according to a public relations representative for DCG on Saturday.

It added that Genesis was a “independent subsidiary” and stated that Genesis “holds the (U.S.) regulatory licences necessary.”

A representative for Bitvavo stated that the company held DCG accountable for the unavailable funds.

A Bitvavo spokesperson stated, “We are in discussions with various group entities and given the mingling within the group, we hold DCG accountable for the outstanding amount.

“We refer to the Digital Currency Group and its subsidiaries for the sake of completeness.”

In order to prevent money laundering on its platform, Bitvavo has registered with the Dutch central bank (DNB) as a provider of digital asset services. However, neither the DNB nor the Netherlands’ Financial Markets Authority have any regulatory authority over Bitvavo.

bitvavo cryptocurrency cryptocurrency exchange DCG FTX
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Saheel Khirodkar
Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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