The Netherlands Authority for Consumers and Markets (ACM) announced on Monday that Bitvavo may take over 2525 Ventures BV, also known as LiteBit.
The ACM made this decision on June 6, 2023, stating that there would still be enough competition in the market after the takeover.
LiteBit ceases operations
The announcement comes a few days after Rotterdam-based LiteBit, a cryptocurrency trading platform, decided to cease all operations due to market developments.
According to LiteBit, the company faced obstacles to its long-term sustainability, primarily due to increased regulatory costs, anticipated fee reductions resulting from heightened competition, and the absence of a global level playing field.
After thorough deliberation and consideration, LiteBit concluded that ceasing operations and collaborating with Bitvavo was the most appropriate course of action.
LiteBit announced collaboration with Bitvavo to transfer clients’ funds to their platform. The company is registered as a digital currency exchange at the Central Bank of the Netherlands (DNB).
Bitvavo: What you need to know
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 a million are Bitvavo customers.
The company is registered as a digital currency exchange at the Central Bank of the Netherlands (DNB). Last year, Bitvavo was voted winner of Deloitte Technology Fast 50, followed by Sliedrecht-based Maqqie and Groningen-based Let’s Get Digital in second and third place, respectively.
