Bybit Powered by SATOS Acknowledges Regulatory Fine

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 to embrace regulation in the Netherlands, Bybit began remediation efforts in 2022, facilitating the transfer of its customers in the Netherlands to SATOS B.V. to minimize potential financial damage. Bybit kept the DNB fully informed and successfully completed the transfer 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. Recently, Bybit opened a local office in Amsterdam, enhancing its ability to serve the Dutch crypto community.

Ben Zhou, Co-founder and CEO of Bybit, stated the company’s focus on responsible growth: "Since our partnership with SATOS, we have operated fully within the regulatory framework. Bybit Powered by SATOS is growing into the number two exchange in the market with 10 million users. We are committed to working closely with local universities and regulators to build a responsible ecosystem and to provide secure, reliable services to the Dutch community as we expand across Europe."

The partnership between SATOS and Bybit reaffirms Bybit's commitment to trustworthy and innovative solutions in compliance with the DNB’s regulatory framework. Bybit believes cooperation with EU authorities is essential for sustainable growth.

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 showcases Bybit's commitment to providing high-quality services in line with regulatory guidelines.

Contact: Tony Au, Head of PR, Bybit
Email: tony.au@bybit.com

This article was originally published on Chainwire.