CEO Mark Nuvelstijn of the Dutch crypto platform Bitvavo is definitively stepping down as the company’s top executive. Earlier this week, he already temporarily stepped back. The move follows after doubts arose about Nuvelstijn’s private investments.
The co-founder of Bitvavo says in an explanation that he does not want to “burden the company with an issue from the past regarding my private investments”. “I want to use the coming period to account for my actions.” Nuvelstijn calls it a painful decision, but says it is best for Bitvavo.
Het Financieele Dagblad has been investigating Nuvelstijn’s investments for some time. Doubts have arisen as to whether the now-resigning top executive has always adhered to the rules.
Bitvavo has therefore started an investigation together with a law firm into the state of affairs. The issue revolves around the communication surrounding millions of investments via Max R., who was convicted of fraud and who also duped Nuvelstijn by using deposited money himself.
As a result of the investigation, Bitvavo announced on Friday that Nuvelstijn is leaving permanently and will also not return in another board role. His duties as CEO will be temporarily taken over by the current CFO, Johan van Olffen.
Bitvavo was founded in 2018 and has grown into an international crypto platform that is active in several European countries. It has nearly two million users and employs approximately 450 people.