The real facts about Bitvavo

Couple of hours ago there was a post on this subreddit which claimed that Bitvavo was insolvent. I wanted to provide some facts because the post was full of FUD.

First some information on Bitvavo. Bitvavo is the largest Dutch exchange. It’s liked because of their fair fees and smooth interface. They are also big players in the Belgium and German market. Ranked 45th in comparison to all exchanges. Bitvavo offers staking services but don’t do that in-house. Therefor, 16% of customer assets are locked in Gemini. This wasn’t really bad management or wrongdoing. It was offering services every exchange was offering.

FUD: 1. Bitvavo is insolvent. FALSE. Withdrawal operate just fine.

1. Bitvavo are insolvent because I couldn’t withdrawal on the app. FALSE. There was on withdrawal option on the app to begin with. You had to withdrawal on the website.

2. Bitvavo wrongfully advertises with a 100k insurance backed by the Dutch Central Bank. FALSE. Although they have a license from the Dutch Central Bank, Bitvavo only offers insurance against theft. They don’t specify if this particular situation falls under the insurance BUT my best guess is not.

Look, I have no money on Bitvavo. They could still become insolvent, so I would recommend withdrawing. But, stop with FUD and fear mongering for cheap karma.

Stay safe