Amsterdam, Netherlands, October 31st, 2024, Chainwire
Bybit Powered by SATOS acknowledges the decision by De Nederlandsche Bank (DNB) to impose a fine of EUR 2,250,000 for providing services without registration between October 2, 2020, and September 15, 2023. Bybit respects the DNB's decision.
As the first exchange that embraced the regulation in the Netherlands since the announcement from the regulator, Bybit began its remediation efforts as early as 2022 by facilitating the transfer of our customers in the Netherlands to SATOS B.V. to minimize potential financial damage and impact on our consumers. Throughout this process, Bybit kept the DNB fully informed and successfully completed the transfer of our Dutch customers on September 15, 2023.
Since September 2023, Bybit has operated under Bybit Powered by SATOS, leveraging SATOS’s Virtual Asset Service Provider (VASP) license accredited by the DNB. This strategic partnership underscores Bybit’s dedication to offering secure, compliant, and innovative crypto services. Bybit has recently opened a local office in Amsterdam, a major milestone on our journey to serve crypto enthusiasts of the Netherlands even better.
Ben Zhou, Co-founder and CEO of Bybit, emphasized the company’s focus on responsible growth: "Since our partnership with SATOS, we have operated fully within the regulatory framework. Currently Bybit Powered by Satos is growing into the number two exchange in the market with 10 million users. Bybit Powered by Satos is also working closely with local universities. At Bybit, we remain committed to working closely with European regulators to build a responsible and transparent ecosystem. We are excited to continue providing secure, reliable services to the Dutch community as we responsibly expand across Europe."The partnership of SATOS and Bybit further underlines Bybit's commitment to trustworthy, innovative solutions made in full compliance with the regulatory framework set out by DNB. Bybit believes that cooperation with the authorities in the European Union market is essential for sustainable growth.
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About Bybit Powered by SATOS
In June 2023, Bybit formed a strategic alliance with SATOS, one of the oldest crypto service providers operating in the Netherlands and Belgium since 2013. This partnership is a testament to our commitment to providing the best services to our users in line with regulatory guidelines, and ensuring the delivery of high-quality services to our users.
ContactHead of PRTony AuBybittony.au@bybit.com