Major cryptocurrency exchange Bybit is back in Europe with a regulated platform in the Netherlands, Bybit.nl. This move comes after facing regulatory challenges in Hong Kong and discontinuing some services there.
Bybit.nl: A Regulated Gateway for Dutch Crypto Users
Bybit officially launched Bybit.nl on March 28th, offering Dutch users a secure and compliant way to trade cryptocurrencies and access educational resources. This collaboration with Satos, a well-established Dutch Bitcoin firm, allows Bybit to navigate the regulatory landscape and cater to the Dutch market. Users will benefit from fiat deposits and withdrawals, along with access to over 300 trading pairs.
Compliance First: Bybit Navigates Regulatory Hurdles: Bybit’s co-founder and CEO, Ben Zhou, emphasized their commitment to user service and regulatory compliance. Partnering with Satos ensures industry-leading security measures and unparalleled support for Dutch users.
This launch follows Bybit’s earlier retreat from certain services in the Netherlands, specifically derivatives offerings, to comply with Dutch central bank guidelines in February 2024. Local media reports also suggest similar compliance-driven exits from the Dutch market by other major exchanges like Binance and Gemini in 2023.
Hong Kong’s Warning Looms Large
This news comes amidst recent regulatory scrutiny faced by Bybit in Hong Kong. The Securities and Futures Commission (SFC) issued a public warning against Bybit in March 14th, expressing concerns about unlicensed crypto product offerings to Hong Kong investors.
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Bybit, established in 2018, ranks among the world’s leading crypto exchanges by trading volume. While boasting a daily spot trading volume peak of $4.3 billion on March 4th, Bybit’s Dutch venture demonstrates its willingness to adapt and operate within regulated environments. This strategic move strengthens their European presence while navigating the complexities of global cryptocurrency regulations.
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