PANews reported on November 1 that the Dutch central bank fined Bybit 2.25 million euros for providing services without registration between 2020 and 2023, according to the official blog of the crypto exchange Bybit. Bybit said it accepted the penalty decision and took remedial measures to transfer Dutch users to SATOS BV, which holds a VASP license.
Since September 2023, Bybit has been operating in the Netherlands as "Bybit Powered by SATOS" and has become the second largest exchange in the country with 10 million users. Bybit has set up a local office in Amsterdam and cooperated with local universities. Bybit's CEO said that it will continue to work with European regulators to build a responsible and transparent ecosystem.
