Risk & Compliance Case

Compliance Trajectory for crypto pioneer Bitonic

The challenge

  • Establish a reliable bitcoin exchange in the Netherlands
  • Ensure safe and trustworthy bitcoin trading
  • Comply with Dutch Payment Institution requirements

Our Approach

  • Initiated compliance process for Dutch Payment Institution requirements
  • Implemented safeguards in operational processes
  • Established Foundation for Third-Party Funds
  • Developed extensive Customer Acceptance Policy
  • Managed permanent Risk & Compliance function

The results

  • Created a reliable and compliant bitcoin exchange
  • Collaborative professionalisation of Bitonic’s organisation
  • New bitcoin exchange launched in early 2015
  • ProjectiveGroup recognized as a trusted partner in Risk & Compliance
Date:March 2, 2021

Since the spring of 2012, Bitonic has been active in the Netherlands as the first and largest bitcoin company. Bitonic allows anyone to buy bitcoins using iDEAL or Mister Cash. Since its inception, Bitonic has traded over 140,000 bitcoins. In 2013, Bitonic initiated the establishment of a Dutch bitcoin exchange.

Bitcoin exchanges haven’t always been reliable in the past. Therefore, Bitonic aimed to create an exchange that enables customers to trade bitcoins safely and with trust. Bitonic’s goal was to ensure compliance with all the requirements that apply to a Dutch Payment Institution under the supervision of the Dutch Central Bank (DNB).

Starting from early 2014, Projective Group collaborated with Bitonic to initiate a compliance process to ensure Bitonic’s full compliance with all the requirements for a Dutch Payment Institution. This involved implementing safeguards into Bitonic’s operational process, such as establishing a Foundation for Third-Party Funds, an extensive Customer Acceptance Policy, and a permanent Risk & Compliance function, which is also managed by Projective Group.

Risk & Compliance is a familiar field for Projective Group. By contributing to the development of this new market, we can share and transfer our knowledge.

Through close collaboration, Bitonic’s organisation was further professionalised, and all necessary measures were taken to provide a solid foundation for the new exchange. The new bitcoin exchange went live in early 2015, allowing bitcoin traders to trade securely and with trust at Bitonic. We happily played our part as a trusted partner for Risk & Compliance in this endeavour.

About Projective Group

Established in 2006, Projective Group is a leading Financial Services change specialist. With deep expertise across practices in Data, Payments, Transformation and Risk & Compliance.

We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic.  We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.