The Partnership Between Bybit and SATOS in the Netherlands
Regulations for Bitcoin Exchanges in the Netherlands
In order to offer their services in the Netherlands, international cryptocurrency exchanges like Binance must comply with strict Dutch laws and regulations, including anti-money laundering measures and the law for the prevention of financing terrorism. These rules are aimed at ensuring that the platforms are not used for illegal activities. The Dutch Central Bank (DNB) supervises every Virtual Asset Service Provider (VASP), and obtaining a license from the DNB is a complex and labor-intensive process.
In addition to these basic requirements, the Netherlands also emphasizes the secure storage and management of crypto-assets. Exchanges must utilize advanced security technologies such as cold wallets for storing large amounts of cryptocurrency and two-factor authentication (2FA) for user access. Furthermore, they must undergo regular audits to prove the integrity of their security systems.
Due to the lack of a VASP license from the DNB, Binance was forced to cease its operations in the Netherlands.
The Collaboration Between Bybit and SATOS
Bybit appears to have found a solution to the strict regulatory policies in the Netherlands by partnering with SATOS, a DNB-regulated company that has been operating in the Netherlands and Belgium since 2013.
“Our collaboration with SATOS reflects our commitment to meeting the needs of our users while adhering to regional legal guidelines. We are constantly working with SATOS to improve their security solutions and enhance the user experience.” – Bybit in an email to Dutch customers.
Through this partnership with SATOS, all of the DNB’s rules can be followed, providing customers with more certainty and security regarding euro transactions and balances. Now that SATOS facilitates all euro-to-crypto transactions for all Dutch users since June 15, it is quite easy to deposit euros and exchange them for cryptocurrencies.
By joining forces with SATOS, Bybit opens the door for Dutch customers to access over 300 different cryptocurrencies. Furthermore, Bybit states that it will closely collaborate with SATOS to improve overall support and user experience for Dutch customers.
The partnership between Bybit and SATOS in the Netherlands allows Bybit to continue its operations in the Dutch market by complying with the strict regulatory requirements set by the DNB. This collaboration provides Dutch users with a secure and reliable platform to trade cryptocurrencies and ensures the safety of their euro transactions.
Bybit’s commitment to meeting the needs of its users while working within the regional legal guidelines demonstrates its dedication to providing a seamless and compliant trading experience. With the support of SATOS, Bybit aims to enhance its security solutions and improve the overall user experience for its Dutch customers.
This partnership not only fills the gap left by the departure of Binance and OKX but also positions Bybit as a leading cryptocurrency exchange in the Netherlands, offering competitive fees and a wide range of cryptocurrencies to choose from.