TechFlow news, October 31 — According to an official announcement, the Dutch Central Bank (DNB) has fined Bybit €2.25 million for providing services without registration between October 2020 and September 2023. Bybit stated it accepts the penalty. As the first exchange to respond to Dutch regulatory requirements, Bybit began remedial actions as early as 2022 by migrating Dutch users to SATOS B.V., which holds a VASP license.
Since September 2023, Bybit has operated in the Netherlands under the name "Bybit Powered by SATOS" and has become the country's second-largest exchange with 10 million users. Bybit has established a local office in Amsterdam and launched collaborations with local universities. Ben Zhou, co-founder and CEO of Bybit, said the company will continue working closely with European regulators to build a responsible and transparent ecosystem.
