Key Insights
- Bybit is launching a regulated digital asset platform called Bybit.nl in the Netherlands.
- The move comes after facing regulatory scrutiny in Hong Kong for operating without a license.
- Through a partnership with Dutch firm Satos, Bybit.nl will offer fiat deposits/withdrawals and trading for over 300 crypto pairs.
AMSTERDAM (MarktsXplora) – Bybit, one of the world’s largest cryptocurrency exchanges, is launching operations in the Netherlands as it faces regulatory hurdles in Hong Kong, the company announced on Thursday.
The new locally regulated digital asset platform Bybit.nl aims to provide Dutch users access to crypto trading and educational resources through a partnership with Satos, one of the oldest Bitcoin companies in the Netherlands.
Under the collaboration, Bybit’s Dutch customers will be able to deposit and withdraw fiat currencies like the euro as well as trade over 300 cryptocurrency pairs, Bybit said.
The move to the Netherlands comes just weeks after Hong Kong’s market regulator, the Securities and Futures Commission, issued a public warning about Bybit operating without a license in the Asian financial hub and other jurisdictions.
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Bybit’s co-founder and chief executive Ben Zhou said the Dutch expansion underscored the crypto exchange’s commitment to serving customers while complying with rules.
“Through our partnership with SATOS, we aim to provide Dutch users with a secure and seamless trading experience, backed by industry-leading security measures and unparalleled support,” Zhou said in a statement.
The company did not immediately respond to a request for comment about the new Dutch platform and its plans in Hong Kong, where regulators have recently tightened oversight of crypto trading.
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Cryptocurrency trading has surged in recent years, strengthening calls from global regulators for greater consumer protection and anti-money laundering measures.
Founded in 2018, Bybit says it has over 6 million registered users and handles $38 billion average daily trading volumes for products including spot trading, cryptocurrency derivatives and asset management services.
The Satos partnership will allow Bybit to launch a Dutch entity, onboard users, process fiat and offer support in the local language and timezone, a Bybit spokesperson said.
Many crypto exchanges have sought licenses in jurisdictions with clear rules as lenders fret over the regulatory uncertainty that has hampered the crypto industry’s growth and mainstream adoption.