According to the official blog of cryptocurrency exchange Bybit, the Dutch central bank has fined Bybit 2.25 million euros for providing services without registration between 2020 and 2023. Bybit accepts the penalty decision and takes remedial measures to transfer Dutch users to SATOS B.V., which holds a VASP license. Starting from September 2023, Bybit operates in the Netherlands under the name "Bybit Powered by SATOS" and has become the second largest exchange in the region with 10 million users. Bybit has set up a local office in Amsterdam and is collaborating with local universities. The CEO of Bybit stated that they will continue to collaborate with European regulatory agencies to establish a responsible and transparent ecosystem.