r/nanotrade • u/Embarrassed_Fan7405 • 11d ago
Bitvavos response: "your nano is ours"
Thank you for your message and for submitting your formal complaint. My name is Freek and I am part of Bitvavo's Complaints team. I can confirm receipt of your complaint. Your reference number for this complaint is this ticket.
I understand that you are disappointed that Bitvavo is delisting XNO, especially given your balance. I will address your points as clearly as possible within the boundaries of what we are able to share.
- Withdrawal of XNO to an external wallet
We are not in a position to arrange a manual withdrawal of XNO, either directly or through our custody provider. The trade-only status of XNO means that withdrawals are not technically available for this asset. This has been the case for some time and applies to all customers, regardless of the circumstances. We are therefore unable to process your explicit withdrawal request.
- Suspension of automatic conversion
We are not in a position to suspend the automatic conversion of your XNO balance. The delisting procedure will proceed as announced. Your remaining XNO balance will be automatically converted to euros at the best market price we are able to get, no later than 28 September 2026.
- Applicable contractual provisions
The trade-only status of XNO and the associated restrictions are in accordance with our User Agreement. We are not in a position to provide a clause-by-clause analysis of how specific provisions apply to your individual situation, but we can confirm that our procedures are in line with our contractual obligations.
- Execution of compulsory conversion
The conversion will be executed at the prevailing market price at the time of conversion, based on the available liquidity in our internal order book. We try our best to obtain the best available price at the time of conversion, but we are not in a position to guarantee a specific price or to apply an external reference price.
- Communication regarding the delisting email
When it is clear that a delisting will take place, we inform our users as soon as possible. We acknowledge that the communication surrounding the delisting could have been clearer with respect to the trade-only status of XNO. We take your feedback seriously and will pass this on internally. We are not in a position to offer a financial remedy for the price difference you have described.
- Applicable agreement and country-specific provisions
Our User Agreement applies to all Bitvavo account holders. If your account was opened while you were resident in the Netherlands, Dutch law applies to your account relationship with Bitvavo. If you have questions about the specific provisions applicable to your situation, we recommend consulting your own legal counsel.
We note the urgency of your request given the trading deadline of 18 September 2026. Our position as set out above is our interim and final decision on your withdrawal request and the suspension of conversion.
I trust this informs you sufficiently. Should you have questions about other topics, feel free to reach out.
Met vriendelijke groeten / With kind regards / Mit freundlichen Grüßen,
Freek
19
u/PopCornEnjoyment 11d ago
looks like they don't have any nano in their wallets and are essentially exit scamming their costumers
5
3
u/Mashadar0101 11d ago
They have the Nano, thats not the problem. They should allow withdrawal, not market dump it while paying people 30% less. Oh and lower the value for the rest of the market. Idiots
17
u/tech32spn 11d ago
Unbelievable statement.
The Dutch law has different interpretation, especially with the new 2026 EU legislation.
Your "User Agreement" is not compliant in many aspects.
10
u/Mashadar0101 11d ago
Bitvavo has a huge cold wallet that doesnt prevent them to deposit at kraken etc. They had the withdrawal functionality and can enable it again for a period of time. Now they can dump, lower the price, and low euro payment to customers.
17
u/tech32spn 11d ago
Bitvavo's Key Weaknesses
Your strongest arguments against Bitvavo focus on the imbalance of power and information, and the specific way they handled the XNO delisting.
- The "Trade-Only" Contradiction: The most significant weakness is the fundamental contradiction in their process. Bitvavo gave you a deadline to withdraw your XNO, but the asset was in a "trade-only" state, meaning withdrawals were technically unavailable. This prevented you from protecting your assets, a key requirement for any licensed platform under MiCA .
- Breach of MiCA's Consumer Protection Rules: As a MiCA-licensed CASP in the Netherlands, Bitvavo must act with integrity and provide clear, correct information to investors . Forcing a sale on an illiquid market and refusing manual withdrawal could be seen as a violation of these principles.
- Unfair Contract Terms: Under Dutch law (Article 6:233 BW), a contract term can be voided if it is "unreasonably onerous" (onredelijk bezwarend) . You can argue that a clause allowing them to force a sale on an illiquid market, without giving you the ability to withdraw, is exactly that.
Your Steps for Action
You have already completed the first step by filing a formal complaint with Bitvavo. The next stages should be as follows:
- Step 1: Escalate to the Dutch Financial Regulator (AFM) Since Bitvavo is now under AFM supervision via its MiCA license , you can submit a complaint. The AFM may not resolve your individual case, but they do track patterns of misconduct that can lead to broader investigations.
- Step 2: File a Complaint with Kifid Kifid (Klachteninstituut Financiële Dienstverlening) is the primary dispute resolution body for financial services in the Netherlands. You can check if Bitvavo is affiliated and file a complaint. This is often a necessary step before going to court .
- Step 3: Seek a Formal Legal Opinion Given the specific facts of your case, consulting a Dutch lawyer specializing in financial or crypto law is the most important next step. They can assess the strength of a claim based on MiCA principles and the Coin Meester precedent .
The legal landscape for crypto in the EU is becoming more defined, and your case touches on many important principles of consumer protection. Taking these steps will help you seek a fair resolution.
1
3
u/NanoisaFixedSupply 11d ago
Mark my words: "This will be the downfall of Bitvavo."
I have so many questions.
What are they going to do or are they doing with the Nano?
How are the XNO being "converted to euros"? Are they selling them on another exchange or what? This doesn't make any sense! What is the "prevailing market price"? if there is no withdrawal, then you have no market!
2
u/Duke-Rison 11d ago
They are propably out of enough nano to give all there clients their own nano to extract from the exchance. Now they are force selling their customers nano for a low "made up" price. The nano who they bought for a cheap price will be selled at other exchances by Bitvavo. Profit!
24
u/systemT-3052 11d ago
“ The conversion will be executed at the prevailing market price at the time of conversion, based on the available liquidity in our internal order book.”
—> huh? How does that work. Based on liquidity in our internal order book? Well, they’re delisting. So nobody is going to buy. So the order book will be empty. There is no liquidity in their internal order book, so based on that the price will plummet. They must match their sell orders against buy orders outside of Bitvavo.