“We are committed to providing a safe trading environment for all our users and understand the importance of complying with local regulations. Our partnership with SATOS allows us to continue offering our services to Dutch users by meeting all regulatory requirements.”
Bybit has announced its plan to open an office in Amsterdam through a strategic partnership with SATOS, a licensed Virtual Asset Service Provider (VASP) recognized by De Nederlandsche Bank (DNB), the Dutch central bank.
This move is part of Bybit’s effort to enhance its services in the Netherlands and comes amidst recent regulatory changes in the country and ahead of the EU’s MiCA coming into effect by the end of 2024.
Fiat deposits/withdrawals and 300+ trading pairs
By collaborating with SATOS, Bybit aims to ensure a secure and trustworthy trading environment for Dutch users. The partnership will allow for easy fiat deposits and withdrawals, access to over 300 trading pairs, and enhanced security measures for users’ crypto assets.
The decision to establish an office in Amsterdam is driven by the Netherlands’ favorable regulatory environment and growing interest in cryptocurrency. The office will serve as a hub for local operations, offering support and expertise to the Dutch crypto community. It will also provide a co-working space for crypto enthusiasts, promoting collaboration and innovation within the industry.
Bybit’s partnership with SATOS has already led to significant revenue growth, with the company experiencing a consistent increase in revenue month over month since June of the previous year, according to the firm.
Established in 2018, Bybit is recognized as one of the top three cryptocurrency exchanges globally by volume, serving over 20 million users. It is known for its professional trading platform, ultra-fast matching engine, 24/7 customer service, and multilingual support.
Ben Zhou, co-founder, and CEO of Bybit, said: “We are committed to providing a safe trading environment for all our users and understand the importance of complying with local regulations. Our partnership with SATOS allows us to continue offering our services to Dutch users by meeting all regulatory requirements.”
SATOS BV is not subject to prudential supervision by DNB or behavioral supervision by the AFM. The VASP licensee supports iDEAL and Bancontact for payments, aiming to make crypto transactions as straightforward as possible. Despite their high service fees, which range between 1.5% and 2.5%, SATOS prides itself on excellent customer support and quick response times.
