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The De Nederlandsche Bank (DNB) has imposed a fine of €1.55 million on Bybit Fintech Limited for offering cryptocurrency services in the Netherlands without the necessary legal registration. 

Bybit, a global cryptocurrency exchange, allegedly provided crypto services to Dutch residents between May 2020 and September 2023 without meeting the country’s regulatory requirements, a DNB report revealed.

The Dutch regulatory framework mandates that firms offering crypto-related services must register with the DNB to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. 

The DNB asserts that Bybit’s lack of registration compromised these safeguards, impacting regulatory oversight of transactions involving Dutch customers. Bybit reportedly cooperated with the investigation, which the DNB acknowledged, stating that the exchange’s cooperation may have influenced the penalty decision.

Following the fine, Bybit announced in a press release that it is now in compliance with Dutch regulations through a collaboration with SATOS, a locally registered crypto service provider. 

Bybit affirmed its commitment to regulatory standards, describing the partnership with SATOS as a critical move for both compliance and operational continuity in the Netherlands. This collaboration marks Bybit’s intention to reinforce its presence in the Dutch market while aligning with local regulations.

Ben Zhou, Co-founder and CEO of Bybit, stated: "Since our partnership with SATOS, we have operated fully within the regulatory framework. Currently Bybit Powered by Satos is growing into the number two exchange in the market with 10 million users. Bybit Powered by Satos is also working closely with local universities.”