Dutch Crypto exchange LiteBit partners with RIDDLE&CODE

13 Apr, 2021

In a press release dated April 13, 2021, RIDDLE&CODE announced that leading Dutch crypto exchange LiteBit has decided to use its Token Management Platform (TMP) to scale its own infrastructure, respond to regulatory requirements and provide new functionality to its growing customer base. With this partnership, the leading Dutch crypto exchange aims to pave the way to regulatory compliance and launch the next generation of crypto services.

Over the last few years, the European Union has significantly tightened its regulations for crypto service providers, including the recently updated 5th Anti-Money Laundering Directive (AMLD5). The newly implemented AMLD5 guidelines require service providers such as crypto exchanges and custodians to adhere to the same regulatory requirements as traditional financial institutions.

“The Dutch implementation of the regulations currently goes beyond EU guidelines and calls for extensive identification of customers and monitoring of transactions as well as extensive reporting and audit capabilities,” said Berit Fuss, Director of FinTech Solutions at RIDDLE&CODE. “These requirements have turned out to be quite burdensome and have forced several crypto-related businesses to close or leave the Netherlands.”

Challenges for the sector

“Crypto exchanges across the industry are prioritizing compliance with regulatory obligations. LiteBit is no exception,” said Arthur Van Lier, LiteBit’s COO. “The partnership with RIDDLE&CODE and the use of the cutting-edge TMP enables us to be compliant with both current and future regulations.” However, according to Van Lier, it is not only the regulatory environment that is forcing the industry to act, the rapidly evolving decentralized finance (DeFi) sector is also challenging companies. “Due to the complexity of the applications and the efforts required to support several token protocols, many market players struggle to innovate and accommodate the integration of DeFi capabilities,” he adds. “With the TMP, we can benefit from these new business models and scale its operational capabilities.”

The Token Management Platform is the next generation of RIDDLE&CODE’s institutional-grade digital asset management solution. The cloud-based platform manages all aspects of key generation, custody, AML, regulatory compliance, and token management. Accepted by the Swiss financial market authorities, the TMP is fully auditable and compliant with financial regulations, allowing clients to fulfill all transparency requirements in line with financial regulations and internal compliance policies.

“We are thrilled to work with LiteBit, our first crypto exchange customer,” said Alexander Koppel, CEO of RIDDLE&CODE. “This strategic partnership allows us to enter the Dutch market and help LiteBit in its journey to full regulatory compliance and expansion across Europe.”

Source: Press release RIDDLE&CODE

 

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