On October 22, 2024, the Dutch Central Bank, De Nederlandsche Bank (DNB), imposed a €2.25 million fine on cryptocurrency exchange Bybit Fintech Limited for operating without proper registration in the Netherlands.
The penalty was part of the DNB’s regulatory efforts to enforce anti-money laundering (AML) and anti-terrorist financing laws. These laws mandate crypto service providers register with the bank to counteract the high risks associated with cryptocurrency’s pseudonymous nature.
Bybit, based in Dubai, reportedly breached these regulations by providing unregistered crypto services in the Netherlands until September 2023.
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