Bybit, one of the world’s largest cryptocurrency exchanges by trading volumes, announced the launch of Bybit.nl as a new regulated crypto and digital assets trading platform in the Netherlands.
Bybit is expanding operations in Europe after facing regulatory scrutiny in Hong Kong. Its goal is to serve the Dutch while enhancing the user experience and embracing Web3 features.
Bybit Launches Regulated Platform in the Netherlands Amid Regulatory Scrutiny
On March 28, Bybit announced the official launch of its digital asset platform, Bybit.nl, 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, empowering them to trade with ease and efficiency.
The launch of Bybit.nl is made possible through a collaboration with SATOS, one of the oldest Bitcoin-focused companies in the Netherlands. Through this partnership, Dutch Bybit users can deposit and withdraw fiat currency, trade over 300 cryptocurrency pairs, and enjoy enhanced security measures for their crypto assets.
According to the announcement, SATOS, which the Dutch National Bank supervises, guarantees top-notch security and reliability for its users. By launching Bybit.nl, Bybit said its Dutch users will gain access to exciting new features of Bybit Web3, including the Web3 Wallet and Airdrop Arcade, enhancing their overall crypto experience in the Web3 community.
Bybit also stated that it is committed to providing tailored support to the Dutch crypto community, offering localized assistance, and fostering collaboration and innovation through community initiatives. Ben Zhou, co-founder and CEO of Bybit, said,
“We are thrilled to launch our regulated digital asset platform in the Netherlands, furthering our commitment to serving users while upholding regulatory compliance.”
The announcement follows a public warning issued by Hong Kong’s Securities and Futures Commission (SFC) on March 14 regarding Bybit. The SFC highlighted that Bybit provided crypto-related products in multiple jurisdictions without obtaining the necessary licenses.
The regulator expressed concerns that these products were also being offered to investors in Hong Kong. It emphasized that no entity within the Bybit group possessed a license or registration from the SFC to engage in any regulated activity within Hong Kong.
Bybit Ceases Derivatives Services in the Netherlands to Comply with Regulatory Guidelines
Reports indicate that Bybit adjusted its services in February 2024, with the exchange discontinuing some offerings. Precisely, Bybit ceased its derivatives services in the Netherlands to comply with guidelines set by the Dutch Central Bank.
Indy Rottier, head of communications at Cryptotag, mentioned in a LinkedIn post on February 20 that the first changes to the new regulations would take effect on March 5.
Since the implementation of AMLD5, DNB has actively enforced compliance, resulting in notable actions against significant exchanges like Binance, Coinbase, and KuCoin for operating without proper registration or compliance.
As a result, Binance, Gemini, and other major global exchanges were forced to terminate their operations in the Netherlands in 2023 to comply with local laws. Notably, on March 13, the Nederlandsche Bank (DNB) fined the cryptocurrency trading platform crypto.com 2.85 million euros for offering cryptocurrency services to people in the Netherlands without first registering with the DNB.
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