De Nederlandsche Bank issued a fine of €2.2 million ($2.4 million) on the cryptocurrency exchange Bybit for providing services in the Netherlands without mandatory registration. The fine was issued on October 22 for violating anti-money laundering and terrorist financing laws.
Bybit did not register with DNB as required by law introduced in May 2020, which prevented the company from reporting suspicious transactions. The fine was determined considering the seriousness of the violation, but its amount was reduced due to Bybit's efforts to rectify the situation, including transferring clients to the local partner SATOS B.V.
Bybit acknowledged the fine and confirmed its intention to comply with regulations, noting that it began measures to address issues in 2022. CEO Ben Zhou emphasized the company's commitment to responsible growth and cooperation with European regulators.
