In a major leadership shakeup, Mark Nuvelstijn, CEO of Dutch cryptocurrency exchange Bitvavo, has stepped down with immediate effect.
The decision comes in the wake of revelations that raise serious questions about his integrity, concerns incompatible with his position at a MiCA-licensed exchange operating under Europe’s upcoming regulatory regime.
CFO Johan van Olffen will take over as interim CEO as the company searches for a new executive to guide Bitvavo’s next phase of growth.
A Troubling Connection to Ponzi Scammer Max R.
The scandal first broke through a detailed exposé published by Dutch newspaper Het Financieele Dagblad (FD), which linked Nuvelstijn to Max R., a self-proclaimed investment guru now accused of running a multimillion-euro Ponzi scheme.
Nuvelstijn, who earned millions from Bitvavo’s success during the 2020 and 2021 crypto boom, was reportedly looking for ways to grow his wealth outside of the company. That search led him into the orbit of Max R., who had already convinced several wealthy Dutch individuals to entrust him with their money, promising high returns through opaque investment strategies.
In reality, Max R. was running a classic Ponzi scheme, paying early investors with money collected from newer ones, while using the rest to fund an extravagant lifestyle and high-profile social appearances aimed at luring more victims.
Although Nuvelstijn is himself considered a victim of the fraud, the manner of his involvement and the steps he took to move large sums of money around traditional financial controls has been deemed inappropriate, especially for the CEO of a regulated crypto platform.
Regulatory Red Flags: AML Violations and Insider Trading Intent
Documents reveal that Nuvelstijn transferred nearly €13 million to Max R. When ING Bank flagged the first batch of these transactions as suspicious, Nuvelstijn allegedly took measures to evade scrutiny, splitting payments and using indirect methods to continue funding Max R.’s operations.
In 2021, Max R. allegedly claimed to have insider information about a publicly listed Dutch company that was about to be acquired. He proposed buying millions of euros worth of call options to profit from the deal. Nuvelstijn, despite knowing that they would be breaking the law with insider trading, agreed to proceed.
When traditional bank transfers failed due to compliance controls, the pair attempted to route the money through a notarial escrow account. Max R. planned to buy a €7.5 million property in Amsterdam, with Nuvelstijn providing the capital in the form of a loan. This creative maneuver was designed to bypass banking restrictions and get the money to Max R.
The business relationship continued until late 2022, when Bitvavo faced financial stress during the crypto winter. The exchange had placed €280 million in client funds with the lending platform Genesis from DCG, which collapsed. To cover the shortfall, Bitvavo’s shareholders, including Nuvelstijn, were asked to return previously paid dividends.
Nuvelstijn, in urgent need of cash, asked Max R. for €16.5 million back: his total deposit and the promised return. In response, Max R. offered to deposit the money into his own account at Bitvavo, with the understanding that Nuvelstijn would internally redirect it to the company. However, the funds were never transferred, and in early 2023, Max R. was arrested on charges of investment fraud.
Internal Investigation at Bitvavo and Leadership Change
Following the publication of the FD article, Bitvavo launched an internal investigation into Nuvelstijn’s conduct. He was initially suspended, but it quickly became apparent that his position was untenable. In stepping down, Nuvelstijn also waives the possibility of returning to any executive function within the company.
Under MiCA (Markets in Crypto-Assets Regulation), the integrity and trustworthiness of the leadership team are non-negotiable. Senior management at licensed exchanges must be vetted for suitability and reliability and the regulator AFM (Dutch Financial Markets Authority) can intervene when this is necessary.
Damaged Trust, But a Path Forward
This scandal is yet another blow to the reputation of the cryptocurrency sector, which continues to struggle with public perceptions of fraud, volatility, and questionable actors. It underscores the growing need for regulatory clarity, professional leadership, and corporate governance in the industry, especially as crypto platforms push for mainstream legitimacy in Europe.
For Bitvavo, which serves nearly 2 million users and is among Europe’s leading crypto exchanges, the challenge now is rebuilding trust. In a statement, the company said it is actively looking for a new CEO who can lead its next phase of growth and fulfill its ambition to become the European market leader in digital asset trading.
The company also reaffirmed its commitment to compliance and customer protection, especially as MiCA regulations take effect in 2025, transforming how crypto businesses operate across the European Union.
