Changes to Bitvavo services for German residents, starting 10 May 2024
Changes to Bitvavo services for German residents, starting 10 May 2024 Changes to Bitvavo services for German residents, starting 10 May 2024

Changes to Bitvavo services for German residents, starting 10 May 2024

Update 8 May 2024:

Reimbursement of fees for crypto withdrawals:
On 30 April 2024, we informed users that Bitvavo will discontinue services for resident users in Germany. We understand this is inconvenient and have taken the decision to fully reimburse crypto withdrawal fees for affected German resident users, incurred on our platform between 30 April and 31 July 2024.



Publication 30 April 2024:

Bitvavo informed all users residing in Germany today (30 April 2024) that it will discontinue services for residents of Germany.  Effective 10 May 2024, Bitvavo will no longer allow German residents to buy and deposit crypto assets. Withdrawing and selling crypto assets will be allowed up to and including 31 July 2024. This decision is based on regulatory considerations.

In addition, Bitvavo has decided not to proceed with its application for a German license. This move comes in line with Bitvavo's continuous evaluation of its operations and strategic alignment with European regulatory frameworks. Bitvavo will instead focus on MiCAR in the Netherlands and on passporting that license to Germany and other countries in Europe under those new European regulations in 2025.

Strategic decision
Bitvavo CEO Mark Nuvelstijn: ‘We are constantly evaluating the best strategy for Bitvavo to achieve its ambition to become the European market leader. We regret that we needed to take the strategic decision to discontinue services for German residents. We are in the process of obtaining a MiCAR license in the Netherlands and aim to offer our services throughout Europe under that license in 2025. Consequently, we have decided to discontinue our German license application.’

Services discontinued
As part of this transition, Bitvavo has already closed its bitvavo.de website and discontinued onboarding German residents. Bitvavo recommends German resident users to withdraw their assets as soon as possible, but no later than 31 July 2024.

Seamless transition
"While this decision may cause inconvenience, Bitvavo is committed to ensuring a seamless transition for our users," Nuvelstijn continued. "We are providing comprehensive guidance on transferring assets to a self-custodial wallet or a Germany regulated crypto trading and custody service provider."

Bitvavo deeply appreciates the understanding of our German users during this transition. Bitvavo’s support team stands ready to assist with any questions or concerns.

Please refer to our FAQs below:

What will happen with my available balance if I don't take any action?

We recommend you to withdraw your assets as soon as possible. The 31 July 2024 marks the last day you can sell or withdraw your assets, so please act in time.

Is it necessary for me to withdraw my crypto assets?

Make sure to withdraw your assets and funds ultimately 31 July 2024. We recommend that you transfer your assets to a self-custodial wallet, or an in-Germany regulated crypto trading and custody service provider. A guide on how to withdraw crypto assets from Bitvavo to an external wallet address can be found here. A list of in-Germany licensed crypto custody service providers can be found here.

If you alternatively wish to sell your crypto assets held at Bitvavo and withdraw euros instead, or if you own “trade-only”-assets which cannot be transferred from Bitvavo to an external wallet address and therefore can only be sold, please do so in time.

Is it necessary for me to withdraw my euro balance?

We recommend withdrawing any (remaining) euro balance to your bank account at your earliest convenience. If you do not withdraw your euro balance yourself, any outstanding euro balances held at Bitvavo will be automatically paid out by Bitvavo to your verified bank account.

Some assets I own are 'trade-only', what are my options?

If you own “trade-only” assets which cannot be transferred from Bitvavo to an external wallet address and therefore can only be sold, please do so in time - up to and including 31 July, 2024.

Here is the complete list of "trade-only" assets at this point in time:

  • Arweave (AR)
  • Astar (ASTR)
  • Book of Meme (BOME)
  • Bonk (BONK)
  • Celo (CELO)
  • Nervos Network (CKB)
  • Dymension (DYM)
  • Filecoin (FIL)
  • Flow (FLOW)
  • Flare (FLR)
  • Just (JST)
  • Jito (JTO)
  • Jupiter (JUP)
  • Kava (KAVA)
  • Kadena (KDA)
  • Klaytn (KLAY)
  • Mina (MINA)
  • Harmony (ONE)
  • Ordinals (ORDI)
  • Polymesh (POLYX)
  • Pyth Network (PYTH)
  • Ronin (RON)
  • ThorChain (RUNE)
  • Sei (SEI)
  • Stratis (STRAX)
  • Stacks (STX)
  • Solar (SXP)
  • Syscoin (SYS)
  • Theta Network (THETA)
  • Tensor (TNSR)
  • Wormhole (W)
  • Dogwifhat (WIF)

Maintenance
If you are unable to withdraw a digital currency, but it is not listed above, it might be in maintenance. To see which assets are currently undergoing maintenance, please check our networks page.

Why do you no longer allow buying or selling crypto assets?

This move comes in line with Bitvavo's continuous evaluation of its operations and strategic alignment with European regulatory frameworks. On March 18, 2024, we announced we’re not onboarding German residents as clients for regulatory reasons.

What has happend with the BaFin license process?

Bitvavo has decided to discontinue the application process for a BaFin license initiated in May 2023. Instead, we're prioritizing and focusing our efforts on our MiCA license application, which allows for Dutch-granted license passporting to other European countries, including Germany.

What impact will these changes have on my existing Recurring Buy orders?

Starting 10 May 2024, at 08:00 AM CEST, Bitvavo will no longer allow German residents to buy or deposit crypto assets. This also applies to existing Recurring Buy orders, which will be discontinued on that same date and time.

How will these changes affect my current open orders made through the limit order feature?

Starting May 10, 2024, Bitvavo will no longer allow German residents to buy crypto assets. This also includes the execution of existing Open Buy orders. The precise schedule will be as follows:

- Open Buy orders will be automatically canceled at 08:00 AM CEST on May 10, 2024
- Open Sell orders will remain active until 08:00 AM CEST on July 31, 2024

If I don't take action, where will my euro balance be returned?

We recommend withdrawing any (remaining) euro balance to your bank account at your earliest convenience. If you do not withdraw your euro balance yourself, any outstanding euro balances held at Bitvavo will be automatically paid out by Bitvavo to your verified bank account.

If my IBAN isn't verified yet, how will my euro balance be refunded?

If your IBAN is not verified yet or you no longer have access to your IBAN, please contact us at support@bitvavo.com.

If I'm unable to withdraw crypto due to the crypto withdrawals lock on my account, what are the implications?

Effective May 10, 2024, Bitvavo will cease accepting euro deposits from German residents. However, a one-time deposit of up to €5 will still be allowed, solely for the purpose of enabling crypto withdrawals.

What will happen with my available euro balance?

We recommend withdrawing any (remaining) euro balance to your bank account at your earliest convenience. If you do not withdraw your euro balance yourself, any outstanding euro balances held at Bitvavo will be automatically paid out by Bitvavo to your verified bank account.

Why am I unable to log in through bitvavo.de?

Please be aware that www.bitvavo.de is no longer redirecting to www.bitvavo.com/de. The referred website www.bitvavo.com/de, as well as Bitvavo mobile apps (Apple and Android) will continue to be available for continued account login and taking the recommended actions.

How will these changes affect me as a German resident currently living abroad?

All Bitvavo service changes mentioned in this article apply only to customers residing in Germany.

Is it still possible to download my transaction history?

Yes. you can easily download your transaction overview in the transaction history overview. The 'export' button allows you to download the transactions. If desired, you can import the .CSV file into Excel by following the steps on this page. We strongly recommend downloading your transaction history to avoid any loss of important financial data.

What is the reimbursement process for withdrawal fees?

We as Bitvavo have decided as of 8 May 2024 to fully reimburse crypto withdrawal fees for affected German resident users, incurred on our platform between 30 April 2024 and 31 July 2024. These refunds will be credited to your euro balance according to the following schedule:

- All crypto withdrawal fees, incurred between 30 April 2024 and 2 June 2024 (incl.), will be credited on 3 June 2024.
- All crypto withdrawal fees, incurred between 3 June 2024 and 30 June 2024 (incl.), will be credited on 1 July 2024.
- All crypto withdrawal fees, incurred between 1 July 2024 and 31 July 2024 (incl.), will be credited on 1 August 2024.

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