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De Nederlandsche Bank fined Bybit $2.4m for offering crypto services in the Netherlands without mandatory registration. 
The <a href="https://crypto.news/tag/netherlands/" target="_blank">Netherlands</a>‘ central bank, De Nederlandsche Bank, has fined <a href="https://crypto.news/tag/bybit/" target="_blank">Bybit</a> €2.2 million ($2.4 million) for offering crypto services in the country without the required registration, breaching regulations designed to combat money laundering and terrorist financing. 
The fine, <a href="https://www.dnb.nl/en/sector-news/enforcement-measures-2024/fine-for-bybit-fintech-limited-for-offering-crypto-services-in-the-netherlands-without-the-legally-required-registration-until-september-2023/" target="_blank" rel="nofollow">issued</a> on Oct. 22, stems from Bybit’s failure to register with DNB as mandated by the Anti-Money Laundering and Anti-Terrorist Financing Act, which requires crypto service providers to register to help monitor and prevent illicit financial flows. The registration requirement was introduced in May 2020 in response to the heightened risks associated with crypto transactions, particularly their potential for anonymity. 
According to DNB, Bybit’s non-compliance not only contravened regulatory objectives but also hindered the company’s ability to report unusual transactions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “[…] Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance.” 
 De Nederlandsche Bank 
</blockquote> 
 You might also like: <a rel="" href="https://crypto.news/netherlands-seeks-public-feedback-on-crypto-tax-rules-report/"> Netherlands seeks public feedback on crypto tax rules: report </a> 
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. 
In response to DNB’s statement, Bybit acknowledged the fine and reiterated its commitment to compliance. In a <a href="https://www.bybit.com/en/press/post/bybit-powered-by-satos-reaffirms-regulatory-compliance-and-future-growth-in-the-netherlands-bltf5a7d25d3f898d75" target="_blank" rel="nofollow">press release</a>, the exchange highlighted that it initiated remediation efforts in 2022 to “minimize potential financial damage.” Ben Zhou, Bybit co-founder and chief executive, emphasized the company’s dedication to “responsible growth,” saying the exchange remains “committed to working closely with European regulators to build a responsible and transparent ecosystem.” 
 Read more: <a rel="" href="https://crypto.news/bybit-reveals-over-940m-in-abnormal-withdrawals-during-h1-2024/"> Bybit reveals over $940m in abnormal withdrawals during H1 2024 </a>

Dutch central bank Imposes $2.4m fine on Bybit for service violations

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