Bybit recently announced via email to all Dutch customers that the platform is officially keeping its doors open to Dutch users. The exchange hopes to gain market share in the Netherlands with the lowest fees on the market and is currently offering free trading.
Through a previously announced strategic partnership with De Nederlandsche Bank (DNB)-licensed trading platform SATOS, Bybit is filling the gap left by the departure of Binance and OKX.
Rules for Bitcoin exchanges in the Netherlands
International crypto exchanges like Binance cannot simply offer their services in the Netherlands. You must comply with strict Dutch laws and regulations, including anti-money laundering measures and the Terrorist Financing Prevention Act. These rules aim to ensure that the platforms are not used for illegal activities. DNB monitors everyone Virtual Asset Services Provider (VASP) and obtaining a license from DNB is a complex and labor intensive process.
In addition to these basic requirements, the Netherlands places special emphasis on the secure storage and management of crypto assets. Exchanges must use advanced security technologies, such as cold wallets for storing large amounts of crypto and two-factor authentication (2FA) for user access. In addition, they must undergo regular audits to demonstrate the integrity of their security systems.
Due to the lack of a VASP license from DNB, Binance was forced, among other things, to discontinue its activities in the Netherlands.
Cooperation Bybit and SATOS
Bybit seems to have found a solution against the strict regulatory policy of the Netherlands. The company has partnered with SATOS, a DNB-regulated company operating in the Netherlands and Belgium since 2013.
“Our partnership with SATOS reflects our commitment to meeting the needs of our users while complying with regional regulatory guidelines. We are constantly working with SATOS to improve their security solutions and improve user experience.” – Bybit said in an email to Dutch customers.
By working with SATOS, all DNB rules can be observed and customers receive more security for euro transactions and credit. Now that SATOS has been facilitating all euro-to-crypto transactions for all Dutch users since June 15th, it is quite easy to deposit euros and exchange them for crypto.
The collaboration opens the door to more than 300 different crypto coins for Dutch customers. In addition, Bybit states that it works closely with SATOS to improve overall support and user experience for Dutch customers.