Finance

Rabobank guilty of abuse of power, says bitcoin association

VBNL has therefore submitted an enforcement request to ACM. In this way, the association wants to ensure that business account holders at Rabo can again use our services undisturbed, says Van der Meijde.

gatekeeper

Rabobank gives two reasons for the ban. On the one hand, the financial service provider states that the risk of money laundering is too great with trading cryptocurrencies. It would also make it easier to finance criminal activities.

“Lariekoek”, says Van der Meijde. “Just like Rabobank, the companies affiliated with us are gatekeepers. Since the introduction of the Wwft Act, bitcoin companies have met the same requirements as a bank. We show that this is perfectly possible. The fact that we are gatekeepers means that for the Rabobank is less risky to allow transactions to our parties.”

On the other hand, the volatility of cryptocurrencies plays a role in the ban. The price of Bitcoin, among other things, has strong fluctuations. Van der Meijde also sweeps that argument aside.

Risk at the entrepreneur

“I don’t think that as a bank you should be so involved in the financial choices of your business customers. The trend is that more and more companies are storing part of their liquidity in cryptocurrencies. There are great examples of that. It’s a bit crazy that Rabobank now prohibits this.”

The risk lies with the entrepreneur, he wants to say, even if he puts all his assets in cryptos and loses them. “Then it is not the bank that has a problem, but especially the entrepreneur.”

Van der Meijde appreciates the fact that Rabobank openly states what their policy is. “That is a plus. This is not the case with most other banks. It is unclear whether the same policy is being implemented. We do get signals that it is also happening at other banks, yes. That would be a bad thing.”

For the time being, however, the VBNL is not taking any action in this regard, but is awaiting the decision of the ACM.

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