Bybit, one of the world’s leading cryptocurrency exchanges in terms of trading volumes, is expanding its operations in Europe due to regulatory scrutiny in Hong Kong.
In an official announcement on March 28, Bybit unveiled the launch of its digital asset platform, Bybit.nl, in the Netherlands. This new local trading platform is regulated in the country and aims to provide Dutch users with access to cryptocurrency trading and educational resources.
The establishment of Bybit.nl is made possible through a collaboration with Satos, one of the oldest Bitcoin-focused companies in the Netherlands. Through this partnership, Bybit’s Dutch users can deposit and withdraw fiat currency and trade over 300 pairs.
Bybit’s entry into the Netherlands is part of the company’s dedication to serving its users while adhering to regulatory compliance, according to Bybit co-founder and CEO Ben Zhou. He expressed his intention to provide Dutch users with a secure and seamless trading experience, supported by top-notch security measures and unparalleled support, through their partnership with SATOS.
Cointelegraph reached out to Bybit for a comment on the Bybit.nl launch, but no response has been received at the time of publication.
This news comes a few weeks after Hong Kong’s Securities and Futures Commission issued a public warning against Bybit on March 14. The regulator highlighted that Bybit was offering crypto-related products in multiple jurisdictions without a proper license.
As this is an ongoing story, further information will be provided as it becomes available.
In other related news, a team of white hat hackers called ‘SEAL 911’ has been formed to combat crypto hacks in real time.