Bybit, a leading global cryptocurrency exchange, has announced its expansion into the European market. This development comes in view of the exchange looking for fresh prospects after encountering regulatory issues in Hong Kong. Bybit announced that Bybit.nl, a digital asset platform specifically designed for the Dutch market, was launched on March 28. The platform is fully regulated in the Netherlands to offer local users trading and educational resources.
The action symbolizes Bybit’s compliance in Europe and user service. Through the Bybit card, Dutch users can now deposit, withdraw, trade, and stake directly. This move is an aspect of Bybit’s comprehensive approach to ensuring that its services are compliant with local regulatory norms. An official from Bybit stressed the platform’s preparedness to provide seamless trading on day one.
Bybit joins forces with Satos in the Netherlands
In an attempt to bolster its presence in the Netherlands, Bybit has entered into a partnership with Satos, a major Bitcoin company in the Benelux region. With this partnership, Bybit offers over 300 trading pairs, which allows Dutch traders to do fiat deposits and withdrawals. The partnership was entered into in June 2023 and benefits from the license as a virtual asset service provider that Satos holds. This is in line with Bybit’s practice to navigate the complicated regulatory environments and to provide quality crypto services.
The entrance of Bybit into the Dutch market is proof of its flexibility and ability to adapt to global regulatory reforms. The collaboration of the exchange with local entities such as Satos demonstrates legal compliance. Ben Zhou, the co-founder and CEO of Bybit, paid special attention to the importance of this cooperation, highlighting the company’s approach to security and customer service. This action is typical of Bybit’s responsive nature to the dynamic regulatory environment and its ambition to ensure compliance with Dutch law in its operations.
Bybit faces SFC warning over license issues
With the expansion of Bybit, the crypto exchange industry is facing a crucial time. A number of major exchanges are currently facing issues as a result of some regulatory developments. An example is how Bybit disabled its derivative services in the Netherlands in February 2024 in line with the regulations imposed by the Dutch Central Bank. The regulatory environment also impacted other exchanges, which caused some to discontinue operations in the country.
This change to the Netherlands followed a warning from the Securities and Futures Commission (SFC) of Hong Kong in March. Bybit has been featured in the news in a negative light. The warning of SFC about Bybit violating its license by offering unlicensed crypto products in many jurisdictions, including Hong Kong, is a problem in the global crypto exchange.
