Bybit, one of the world’s largest cryptocurrency exchanges by trading volume, has announced the launch of Bybit.nl as a new regulated platform for trading cryptocurrencies and digital assets in the Netherlands.
The exchange is expanding its operations in Europe after passing regulatory scrutiny in Hong Kong. It aims to serve the Dutch while improving user convenience and leveraging Web3 features.
Bybit launches regulated platform in the Netherlands under regulatory scrutiny
on March 28, Bybit announced the official launch of its Bybit.nl digital asset platform in the Netherlands. This new local trading platform is regulated in the country and aims to provide Dutch users with access to cryptocurrency trading, educational resources and advanced trading tools, enabling them to trade easily and efficiently.
The launch of Bybit.nl was made possible through a partnership with SATOS, one of the oldest Dutch Bitcoin companies. Thanks to this partnership, Dutch Bybit users can deposit and withdraw fiat currencies, trade more than 300 pairs of cry ptocurrencies and enjoy enhanced security measures for their crypto assets.
According to the announcement, SATOS, which oversees the Dutch National Bank, guarantees its users the highest level of security and reliability. With the launch of Bybit.nl, the company said its Dutch users will gain access to Bybit Web3‘s exciting new features, including the Web3 wallet and Airdrop Arcade, improving their overall cryptocurrency experience in the Web3 community.
Bybit also stated that it is committed to providing customized support to the Dutch crypto community, offering local assistance and fostering collaboration and innovation through social initiatives.
Ben Zhou, co-founder and CEO of Bybit, said:
“We are excited to launch our regulated digital asset platform in the Netherlands, which deepens our commitment to serving users while complying with regulations.”
The statement follows a public warning issued on March 14 by the Securities and Futures Commission (SFC) in Hong Kong regarding Bybit. The SFC highlighted that Bybit provided cryptocurrency-related products in multiple jurisdictions without obtaining the necessary licenses.
The regulator expressed concern that these products were also being offered to investors in Hong Kong. The commission stressed that no entity in the Bybit group had a license or registration issued by the SFC to conduct any regulated activities in Hong Kong.
Bybit discontinues derivatives services in the Netherlands
Reports indicate that Bybit adjusted its services in February 2024, and the exchange has discontinued some offerings. Specifically, Bybit has discontinued derivatives services in the Netherlands to comply with Dutch central bank guidelines.
Indy Rottier, head of communications at Cryptotag, mentioned in a Feb. 20 post on LinkedIn that the first changes in the new regulations went into effect on March 5.
Since the implementation of AMLD5, the DNB has been actively checking compliance, leading to action against well-known exchanges such as Binance, Coinbase and KuCoin for operating without compliance or registration.
As a result, Binance, Gemini and other prominent global exchanges were required to cease operations in the Netherlands in 2023 to comply with local regulations. It should be noted that on March 13, Nederlandsche Bank (DNB) fined cryptocurrency trading platform Crypto.com €2 . 85 million for providing cryptocurrency services to people in the Netherlands who were not registered with DNB.
