EU CRYPTO REGISTER · AUTHORISED · LAST VERIFIED
Is Hidden Road Partners CIV NL B.V. licensed under MiCA in the European Union?
Hidden Road Partners CIV NL B.V.'s European entity (Hidden Road Partners CIV NL B.V.) is recorded as an authorised Crypto-Asset Service Provider under the EU's Markets in Crypto-Assets Regulation, with its authorisation issued by Netherlands on 30 December 2024.
Verdict: Hidden Road Partners CIV NL B.V. appears in the ESMA Register of MiCA-Authorised CASPs.
| Legal entity | Hidden Road Partners CIV NL B.V. |
|---|---|
| Home Member State | Netherlands |
| National Competent Authority | Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) |
| Authorisation date | |
| Legal Entity Identifier (LEI) | 549300OOZDNZ3F2XJW21 |
| Authorised services | Exchange for funds, Exchange for crypto, Order execution |
Source: ESMA Register of Crypto-Asset Service Providers. Retrieved 30 June 2026.
About Hidden Road Partners CIV NL B.V.
Hidden Road Partners CIV NL B.V. is the Netherlands entity of Hidden Road, an institutional credit and prime brokerage network, rather than a consumer-facing crypto exchange. Its digital-asset offering is built around institutional Digital Assets Prime Brokerage (DPB) - spot and OTC trading, clearing, and financing that lets institutional clients exchange fiat for crypto-assets, primarily for collateral and execution purposes. It does not provide retail custody, savings, staking, recurring-buy, or card products. According to the firm, Hidden Road became part of Ripple Prime following Ripple's acquisition of Hidden Road. Sources: Hidden Road DPB Commercial Policy, Ripple Prime Brokerage
The contracting legal entity is Hidden Road Partners CIV NL B.V., established in the Netherlands with a correspondence address in Amsterdam (Prinsengracht 769, 1017 JZ). It is regulated by the Netherlands Authority for the Financial Markets (AFM) and is also registered with De Nederlandsche Bank (DNB) for digital-asset activity. The firm reports that it received a MiCAR (MiCA) licence from the AFM on 7 January 2025, which it describes as one of the first such authorisations issued by the AFM. Sources: Hidden Road DNB registration announcement, Hidden Road MiCAR licence announcement
On the legal point: the MiCA authorisation held by Hidden Road Partners CIV NL B.V. covers a defined set of crypto-asset services - exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, and execution of orders for crypto-assets on behalf of clients. It does not, on the basis of this research, extend to other MiCA services such as custody and administration of crypto-assets on behalf of clients, operation of a trading platform, or advice on crypto-assets. The entity is best understood as an institutional prime broker, clearing agent, and financial intermediary, not a retail exchange, bank, or asset manager. Sources: Latham & Watkins MiCA advisory, Hidden Road DPB Commercial Policy
Which crypto services is Hidden Road Partners CIV NL B.V. authorised to offer in the EU?
Under its MiCA authorisation issued by Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB), Hidden Road Partners CIV NL B.V. (Hidden Road Partners CIV NL B.V.) is approved to provide the following services to EEA residents. Each service is defined in Article 3(1)(16) of Regulation (EU) 2023/1114.
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Exchange of crypto-assets for funds
The exchange offers crypto-to-fiat (e.g. BTC to EUR) and fiat-to-crypto conversion. Authorisation here implies MiCA's pricing transparency requirements.
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Exchange of crypto-assets for other crypto-assets
The exchange offers crypto-to-crypto trading (e.g. BTC to ETH). Required for most spot trading pairs not denominated in fiat.
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Execution of orders for crypto-assets on behalf of clients
The exchange can place orders for you on third-party venues (smart-routing). Less common in retail crypto; relevant for brokerage-style services.
Which services is Hidden Road Partners CIV NL B.V. not authorised to offer?
Hidden Road Partners CIV NL B.V.'s MiCA licence does not cover: Custody, Trading platform, Placing, Order R&T, Advice, Portfolio mgmt, Transfer services. These services may still be offered by other authorised providers, or by Hidden Road Partners CIV NL B.V. under a different regulatory framework (for example, derivatives may fall under MiFID II rather than MiCA). Source: ESMA Register, retrieved 30 June 2026.
See other MiCA-authorised exchanges by service:
Why is Hidden Road Partners CIV NL B.V. licensed in Netherlands?
The Netherlands historically had one of the strictest pre-MiCA crypto frameworks, with DNB running a stand-alone Wwft register. AFM is the MiCA-designated competent authority. Bitvavo is the dominant Dutch-licensed CASP; many global exchanges previously withdrew from the Dutch market under pre-MiCA pressure. Source: Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB).
| National Competent Authority | Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) |
|---|---|
| Investor compensation | DSI (Dutch investor compensation scheme) cover is limited. |
| Regulatory context | Marketing rules around crypto are particularly strict; AFM has fined non-compliant promotional activity. |
What does this mean for users of Hidden Road Partners CIV NL B.V. in the EU?
If you transact through Hidden Road Partners CIV NL B.V.'s EEA-authorised entity (Hidden Road Partners CIV NL B.V.), the protections introduced by MiCA apply to your relationship from onwards. In practical terms this means: client crypto-assets are ring-fenced from the exchange's own funds (Article 70 MiCA), the authorised entity holds prudential capital, has formal complaint-handling procedures, and is subject to transparency obligations on fees and order execution. Source: Regulation (EU) 2023/1114.
One thing to verify yourself: the legal entity you contract with day-to-day must match the entity in the ESMA register. Some global exchanges operate multiple legal entities under one brand. Confirm in Hidden Road Partners CIV NL B.V.'s terms of service that your contracting entity is Hidden Road Partners CIV NL B.V., not a non-EEA affiliate.
Which MiCA-authorised exchanges are alternatives to Hidden Road Partners CIV NL B.V.?
Three MiCA-authorised providers to consider. Drawn from the ESMA register, never paid placement.
| Provider | Home Member State | Authorised | Services |
|---|---|---|---|
| Alaric Securities | Bulgaria | 9 services | |
| OKX | Malta | 9 services | |
| Kraken | Ireland | 8 services |
Frequently asked questions about Hidden Road Partners CIV NL B.V. and MiCA
Is Hidden Road Partners CIV NL B.V. licensed under MiCA?
Yes. Hidden Road Partners CIV NL B.V. appears in the ESMA Register of MiCA-Authorised Crypto-Asset Service Providers, with its authorisation issued by the competent authority of Netherlands.
Which EU countries can Hidden Road Partners CIV NL B.V. serve under this licence?
A MiCA authorisation in one EEA member state permits passporting across all EEA member states, subject to a notification process to each host-state regulator.
Are my crypto-assets on Hidden Road Partners CIV NL B.V. protected under MiCA?
MiCA introduces ring-fencing of client crypto-assets, prudential capital requirements for the authorised entity, complaint-handling obligations, and conduct rules. It does not provide a deposit-guarantee scheme equivalent to bank deposit insurance.
What's the difference between the authorised entity and the global brand?
Some global exchanges operate multiple legal entities. The MiCA authorisation applies only to the specific legal entity in the ESMA register, not to the global brand. Verify the contracting entity in Hidden Road Partners CIV NL B.V.'s terms of service.
Where can I check the official record?
The ESMA register publishes the authoritative list and updates it weekly. The direct link to Hidden Road Partners CIV NL B.V.'s entry is on this page under 'Sources'.
Sources
- ESMA Register of Crypto-Asset Service Providers
- Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB)
- ESMA MiCA Register - Hidden Road Partners CIV NL B.V. (Hidden Road Partners CIV NL B.V.)
- Hidden Road Partners CIV NL B.V. official website
- Hidden Road Netherlands entity secures MiCAR license
- Hidden Road Netherlands entity receives DNB registration for digital assets
- Latham & Watkins advises Hidden Road on MiCA compliance
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