Launching its new regulated crypto trading platform in the Netherlands, major global exchange Bybit has made the announcement.
Following regulatory scrutiny in Hong Kong, Bybit, a top cryptocurrency exchange by trading volumes, is extending its operations in Europe.
Launching its digital asset platform, Bybit.nl, in the Netherlands, Bybit formally announced the launch on March 28. Cryptocurrency trading and educational materials will soon be available to Dutch customers on a newly launched local trading platform that is subject to Dutch regulation.
One of the first Bitcoin-focused businesses in the Netherlands, Satos, has collaborated with Bybit.nl to make the launch possible. Dutch customers of Bybit may now trade more than 300 pairs, as well as deposit and withdraw fiat cash, thanks to the cooperation.
Bybit’s CEO and co-founder, Ben Zhou, said that the launch in the Netherlands is an effort to strengthen the company’s dedication to complying with regulations while servicing consumers. Furthermore, he stated:
“By partnering with SATOS, we want to provide Dutch users a trading experience that is both safe and smooth. We back this up with industry-leading security measures and outstanding support.”
Some regional news outlets claimed in February 2024 that Bybit would be cutting off service to some customers. In accordance with directives from the Dutch central bank, the exchange voluntarily suspended derivatives services in the Netherlands.
“The first adjustments to the new laws will be implemented on March 5,” stated Indy Rottier, director of communications at Cryptotag, in a LinkedIn post dated February 20.
Rottier claims that in 2023, several prominent international exchanges were compelled to shut down their operations in the Netherlands in order to conform to local regulations. These exchanges included Binance and Gemini.
At the time of publishing, Cointelegraph has not heard back from Bybit about their comments on the launch of Bybit.nl.
This announcement follows a public warning that Bybit received on March 14 from Hong Kong’s Securities and Futures Commission (SFC). The authority went on to say that Bybit was operating illegally in many countries by selling cryptocurrency-related products.
The regulator expressed worry that these products have been offered to investors in Hong Kong and wanted to clarify that none of the Bybit group’s entities had a license or registration with the SFC to engage in any “regulated activity” in the city.
Bybit, which has been around since 2018, is among the biggest cryptocurrency exchanges on the planet. Bybit surpassed Binance as the second largest exchange on March 4 with a daily spot trading volume of $4.3 billion, according to statistics from Kaiko. Binance’s volume hit roughly $24 billion on the same day.
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