De Nederlandsche Bank fined Bybit $2.4m for offering crypto services in the Netherlands without mandatory registration.
According to DNB, Bybit’s non-compliance not only contravened regulatory objectives but also hindered the company’s ability to report unusual transactions.
“[…] Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance.”
De Nederlandsche Bank
DNB said it had determined the fine considering the severity, extent, and duration of Bybit’s non-compliance, although the fine was reduced due to the company’s efforts to rectify the situation. The exchange transferred its Dutch customers to local partner SATOS B.V. firm and has since operated under the SATOS Virtual Asset Service Provider license.
