Amsterdam, The Netherlands, October 31, 2024, Chainwire
Bybit Powered by SATOS takes notice of the choice of De Nederlandsche Financial institution (DNB) to impose a positive of EUR 2,250,000 for offering providers with out registration between October 2, 2020 and September 15, 2023. Bybit respects the DNB's resolution.
As the primary change to just accept regulation within the Netherlands for the reason that regulator's announcement, Bybit started its remedial efforts as early as 2022 by facilitating the switch of our clients within the Netherlands to SATOS BV to reduce potential monetary harm and the impression on our shoppers. . Throughout this course of, Bybit saved DNB knowledgeable and efficiently accomplished the switch of our Dutch clients on September 15, 2023.
From September 2023, Bybit operates beneath Bybit Powered by SATOS utilizing the SATOS Digital Asset Service Supplier (VASP) license accredited by DNB. This strategic partnership underscores Bybit's dedication to providing safe, compliant and progressive crypto providers. Bybit not too long ago opened an area department in Amsterdam, which is a serious milestone in our journey to serve crypto lovers from the Netherlands even higher.
Ben Zhou, co-founder and CEO of Bybitemphasised the corporate's deal with accountable progress: “Since our partnership with SATOS, we’ve been working totally throughout the regulatory framework. At present, Bybit Powered by Satos is rising into the second change out there with 10 million customers. Bybit Powered by Satos can also be working intently with native universities At Bybit, we stay dedicated to working intently with European regulators to construct an accountable and clear ecosystem. We’re excited to proceed to supply a protected and dependable service to the Dutch group as we responsibly develop throughout Europe.
The partnership between SATOS and Bybit additional underlines Bybit's dedication to offering trusted, progressive options which can be totally compliant with the regulatory framework set by DNB. Bybit believes that cooperation with the European Union market authorities is crucial for sustainable progress.
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O Bybit Runs on SATOS
In June 2023, Bybit shaped a strategic alliance with SATOS, one of many oldest crypto service suppliers working within the Netherlands and Belgium since 2013. This partnership is proof of our dedication to supply our customers with the most effective providers in accordance with regulatory tips, and to make sure the supply of top of the range providers to our customers.
ContactHead of PRTony AuBybittony.au@bybit.com
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