Bybit crypto exchange launched a trading platform in the Netherlands
Bybit, one of the largest exchanges in Europe, is expanding operations in Europe after it faced regulatory scrutiny in Hong Kong.
On March 28, Bybit officially announced the launch of its digital asset platform Bybit.nl in the Netherlands. The new local trading platform is regulated within the country and is designed to provide Dutch users access to cryptocurrency trading and educational resources.
The launch of Bybit.nl is enabled by a partnership with Satos, one of the oldest Bitcoin (BTC) companies in the Netherlands. Through the partnership, Baybit Dutch users can deposit and withdraw fiat currency and trade over 300 pairs.
Baybit's regulatory framework launched in the Netherlands aims to increase its commitment to serving its users while maintaining compliance, said Baybit's founder and CEO Ben Zhou. He added:
“Through our partnership with SATOS, we aim to provide Dutch consumers with a secure and seamless trading experience, backed by industry-leading security measures and unparalleled support.”
According to some local reports, BayBit was suspending some of its services in February 2024. The exchange specifically closed its distribution services in the Netherlands in compliance with the directives of the Dutch Central Bank.
In a February 20 LinkedIn post, Cryptotag's head of communications, Indy Rotier, said: “The first changes to the new rules will go into effect on March 5th.
According to Rotier, other major international exchanges such as Binance and Gemini have been forced to cease operations in the Netherlands by 2023 to comply with environmental laws.
Cointelegraph reached out to Bybit for comment on the launch of Bybit.nl, but had not yet received a response at the time of publication.
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The news comes a few weeks after the Hong Kong Securities and Futures Commission (SFC) issued a public warning against ByBit on March 14. The regulator explained that ByBit offered crypto-related products in several jurisdictions without a license.
“The SFC is concerned that these products are offered to Hong Kong investors and would like to clarify whether any entity within the Bybit Group is authorized by the SFC or registered to carry out any ‘regulated activity' in Hong Kong. The controller.
In the year Founded in 2018, ByBit is one of the world's largest crypto exchanges. According to data from Caico, Baybit's daily spot trading volume topped $4.3 billion on March 4, making it the second-largest exchange after Binance, which reached nearly $24 billion that day.
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