Another One Byte the Dust: Dutch Central Bank Fines Bybit Fintech Limited for Non-Compliance

Bybit Fintech limited established in the Seychelles was fined EUR 2.250.000,- for providing crypto services in the Netherlands, while not being registered with the Dutch Central Bank (DNB) under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). Bybit offered the exchange between virtual currency and fiat currency, as well as custody wallets (crypto services).

In the Netherlands, article 23b of the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act ( Wwft), requires a registration with DNB if a person offers services for the exchange between virtual currency and fiat currency in or from the Netherlands (professionally or commercially). This also applies to offering of custody wallets / digital assets wallet. Failure to comply leads to administrative actions by DNB, such as imposition of fines.

Note that once the Markets in Crypto-Assets Regulation (MiCAR) comes fully into effect on December 30, 2024, a license will be required for these activities.

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