KEY TAKEAWAYS
- Bybit collaborates with SATOS to ensure regulatory compliance in the Netherlands after a fine from De Nederlandsche Bank.
- Bybit transferred its Dutch customers to SATOS B.V. to meet regulatory requirements and minimize financial impact.
- The strategic partnership with SATOS allows Bybit to operate under a VASP license, enhancing its service offerings in the Dutch market.
- Bybit’s commitment to compliance and innovation is evident through its local office in Amsterdam and collaboration with European regulators.
Bybit, in collaboration with SATOS, has reaffirmed its commitment to regulatory compliance and future growth in the Netherlands. This announcement follows the decision by De Nederlandsche Bank (DNB) to impose a fine of EUR 2,250,000 on Bybit for providing services without registration between October 2, 2020, and September 15, 2023. Bybit has acknowledged and respected the DNB’s decision.
In response to the regulatory requirements, Bybit initiated remediation efforts in 2022 by transferring its Dutch customers to SATOS B.V. This move aimed to minimize potential financial damage and impact on consumers. Bybit kept the DNB fully informed throughout this process and successfully completed the transfer by September 15, 2023.
Strategic Partnership with SATOS
Since September 2023, Bybit has operated under the brand Bybit Powered by SATOS, utilizing SATOS’s Virtual Asset Service Provider (VASP) license accredited by the DNB. This strategic partnership highlights Bybit’s dedication to providing secure, compliant, and innovative cryptocurrency services.
Bybit has also opened a local office in Amsterdam, marking a significant milestone in its efforts to better serve the Dutch crypto community. Ben Zhou, Co-founder and CEO of Bybit, emphasized the company’s focus on responsible growth, stating that Bybit Powered by SATOS is growing into the number two exchange in the market with 10 million users. Zhou also noted the company’s collaboration with local universities and its commitment to working closely with European regulators.
Commitment to Compliance and Innovation
The partnership between SATOS and Bybit underscores Bybit’s commitment to offering trustworthy and innovative solutions in full compliance with the regulatory framework established by the DNB. Bybit believes that cooperation with authorities in the European Union market is essential for sustainable growth.
For more details, the full announcement can be found here.
Disclaimer: The views expressed in this article are those of the authors and do not necessarily reflect the official policy of CoinsHolder. Content, including that generated with the help of AI, is for informational purposes only and is not intended as legal, financial, or professional advice. Readers should do their research before taking any actions related to the company and carry full responsibility for their decisions.