Bybit, a leading cryptocurrency exchange, has been fined in the Netherlands. De Nederlandsche Bank (DNB) has issued a €2.25 million fine to Bybit for providing crypto services without the legally required registration.
In May 2020, the DNB introduced the registration requirement for entities providing crypto services within the Dutch nation. The regulator stated the law was intended to curb the threat of money laundering and terrorist financing associated with cryptocurrency. Despite operating crypto services during this period, Bybit failed to register with the DNB until September 2023.
Notably, the implications of not registering with the regulator meant the DNB could not monitor Bybit’s operations, making it impossible for DNB to track potentially suspicious transactions that may have passed through the exchange. As a result, Bybit violated The Dutch Prevention of Money Laundering and Terrorism Financing Act (Wwft), a law that is intended to prevent money lau…
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