Bybit, one of the world’s largest cryptocurrency exchanges by trading volumes, is expanding operations in Europe after facing 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 in the country and designed to provide Dutch users access to cryptocurrency trading and education resources.
The launch of Bybit.nl is enabled through collaboration with Satos, one of the oldest Bitcoin (BTC)-focused companies in the Netherlands. Through the partnership, Bybit’s Dutch users can deposit and withdraw fiat currency and trade over 300 pairs.
Bybit’s launch in the Netherlands aims to further the company’s commitment to serving users while upholding regulatory compliance, Bybit co-founder and CEO Ben Zhou said. He added:
“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.”
According to some local reports, Bybit was discontinuing some of its services in February 2024. The exchange specifically shut down derivatives services in the Netherlands in compliance with guidelines by the Dutch central bank.
“The first changes to the new regulations will be effective from March 5,” Cryptotag’s head of communications Indy Rottier wrote in a LinkedIn post on Feb. 20.
According to Rottier, other major global exchanges like Binance and Gemini were forced to terminate their operations in the Netherlands to comply with local laws in 2023.
Cointelegraph approached Bybit for a comment regarding the Bybit.nl launch but had yet to receive a response at the time of publication.
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The news comes a few weeks after Hong Kong’s Securities and Futures Commission (SFC) issued a public warning against Bybit on March 14. The regulator elaborated that Bybit offered crypto-related products in a number of jurisdictions without holding a license.
“The SFC is concerned that these products have also been offered to Hong Kong investors and wishes to make it clear that no entity in the Bybit group is licensed by or registered with the SFC to conduct any ‘regulated activity’ in Hong Kong,” said the regulator.
Established in 2018, Bybit is one of the world’s largest crypto exchanges. According to data from Kaiko, Bybit’s daily spot trading volume peaked at $4.3 billion on March 4, ranking the second biggest exchange after Binance, which reached nearly $24 billion in volumes on that day.
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