Cryptocurrency trading place Bitvavo offers cover for theft up to 100,000 euros – IT Pro – News

The question is, of course, what happens when a digital ‘bank robbery’ is allowed to take place at Bitvavo, and all crypto is gone. Can they then neatly compensate all holders for their damage up to €100,000?

I don’t find that one user who loses his coins via phishing and is compensated under this scheme. But that is not covered by the deposit guarantee system at a normal bank. In such cases I would therefore not compare it with the deposit guarantee system that we know for banks.

As far as I know, this system only comes into effect when a participating bank (mandatory in NL, I believe if you have a banking license), can no longer meet its obligations to its customers.

And that would actually be the most important question for me here, is this promise hot when it really comes down to it, or can Bitvavo, if it can no longer meet its obligations to its customers, still compensate these customers for a maximum of €100,000? . If so, then this guarantee would have real added value for me, otherwise not really.

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