Bitvavo CEO Mark Nuvelstijn steps down permanently following report linking him to ‘miracle investor’ Max R

Mark Nuvelstijn announced that he has decided to step down from his role as CEO of Bitvavo with immediate effect.

Nuvelstijn’s resignation comes after FD reported about his close ties to ‘miracle investor’ Max R, who has been convicted of fraud.

Nuvelstijn has also indicated that he does not intend to return to any executive role within the company.

Consequently, the CEO’s responsibilities will now be temporarily fulfilled by Johan van Olffen, who will combine this role with his current position as CFO.

“We regret that Mark is stepping down earlier than expected under these circumstances, but we respect his decision. As co-founder, Mark has played a crucial role in Bitvavo’s growth and development. He has built a strong track record in the crypto space. The fact that Bitvavo stands where it does today, a strong player with tremendous growth potential, is thanks in large part to Mark,” says Johan van Olffen.

Why the resignation?

According to the report, Bitvavo initiated a review after the Financial Daily (FD) raised concerns about whether Nuvelstijn shared accurate details about transactions with Max R.

The FD indicated that Nuvelstijn misled ING Bank about sending millions of euros to Max R.

To get around bank restrictions, he reportedly used the third-party account of a notary.

In addition, the then CEO and co-owner of the largest crypto exchange in the Netherlands wanted to trade with insider knowledge, adds the report.

“I do not want Bitvavo to be burdened by an issue from the past relating to my private investments. In the coming period, I intend to take responsibility for my actions. It is the right thing to do without any potential conflict of interest in my role as a statutory director of Bitvavo. It is a difficult decision, but the long-term interests of the company and its stakeholders come first,” says Mark Nuvelstijn.

Receives MiCA license from the Netherlands

The announcement comes a week after obtaining a licence in the Netherlands under the new European Markets in Crypto-Assets Regulation (MiCAR).

This licence enables Bitvavo to offer its services across all EU member states (as well as Norway, Iceland and Liechtenstein) under a single harmonised regulatory framework.

MiCAR sets standard rules for cryptocurrency service providers in Europe, making trading safer and creating a consistent supervision system.

This improves protection for users and allows providers to serve both retail and institutional clients without dealing with different national registration processes.

Bitvavo: Digital asset trading platforms

Launched in 2018, Bitvavo’s goal is to bridge the gap between traditional currencies and digital assets. 

The company offers an online exchange platform that can easily buy, sell and save digital currencies simply and safely. 

According to the Amsterdam company, the crypto market is growing in the Netherlands and becoming more mature. More than 1.6 million people own cryptocurrencies in the country, and more than two million are Bitvavo customers. 

The company is registered as a digital currency exchange at the Central Bank of the  Netherlands (DNB).