Bitvavo management had access to customer data for years
Management of the Amsterdam-based cryptocurrency exchange Bitvavo had access to customers’ data for years.
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Management of the Amsterdam-based cryptocurrency exchange Bitvavo had access to customers’ data for years.
The company confirms that senior management had access to customer data, including accounts, until spring 2024.
According to Bitvavo, access to customers’ personal information was necessary in the early years as management assisted with customer registration and addressed their questions. Bitvavo was a “much smaller” company at the time, a company spokesperson told Dutch news outlet Het Financieel Dagblad.
Privacy regulations state that access to customers’ personal information is restricted to a select group of employees, such as workers in the anti-money laundering department or customer support. Therefore, legal experts question Bitvavo’s explanation.
“Privacy law requires that access to customer data be limited to those who truly need it for the tasks assigned to them. Given the company’s size and growth, it might be advantageous to grant management all sorts of access rights, but that is at odds with the law. It’s a risky and therefore problematic choice,” said Gerrit-Jan Zwenne, lawyer and professor of Law and Digital Technologies at Leiden University.
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Mark Nuvelstijn, who stepped down as CEO of Bitvavo last Summer, suggested in WhatsApp messages to Max R., a convicted felon of investment fraud, that he had access to customer data. In 2022, Nuvelstijn asked a former employee of Max R. for his last name because he needed to look something up for Max R., who supposedly had an account with Bitvavo.
Via a spokesperson, Nuvelstijn told Het Financieele Dagblad that the chats show that he didn’t actually look into the systems and claims to have only offered help “in a general sense.” He also points out that he’s a victim of Max R., has filed a report with the police, and hasn’t been prosecuted by the authorities.
After Nuvelstijn’s departure, Bitvavo launched an integrity investigation into Nuvelstijn. Researchers are also investigating whether the former CEO complied with privacy regulations, Bitvavo confirmed.
Bitvavo claims that the company complies with all requirements dictated by privacy laws and has systems in place to prevent unauthorized access to customer data.
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