Amsterdam, June 3, 2024 – The Association of United Bitcoin Companies in the Netherlands (VBNL) is seriously concerned about recent developments at bunq. In an official letter, VBNL recently called on bunq to immediately clarify the sudden termination of banking relationships with various bitcoin companies and the extreme increase in costs for these companies. A number of our members filed summary proceedings last month to be allowed to keep their bank accounts with bunq. After the companies filed summary proceedings, bunq withdrew its decision to terminate the bank accounts.
The bank account will be retained, but concerns about current developments remain. Increased costs unprecedentedly disproportionate Bunq has increased the so-called “compliance fee” for smaller companies from EUR 499 to EUR 4999 per month per company, an increase of no less than 10 times. VBNL considers this increase to be unreasonable and insufficiently substantiated. According to VBNL, the increased costs are not in line with the risks that bunq claims to control.
The VBNL members whose bank accounts would be closed are supervised by DNB and are in the process of applying for a MICAR license with the AFM.