The Dutch Central Bank fined Bybit $2.4 million for non-compliance
Date: 2024-10-31 Author: Henry Casey Categories: BUSINESS
"An audit of Bybit's activities showed that from October 2, 2020 to September 15, 2023, the company did not transfer data on suspicious transactions and their counterparties to the Dutch financial intelligence service," the Central Bank said. This lack of reporting was the reason for the imposition of fines.
In response, Bybit confirmed its intention to pay the fine and stated that since 2022 it has been actively working to eliminate the identified violations. In addition, the company has opened an accredited office in Amsterdam, which should help improve its interaction with Dutch regulators.
In addition, in September, the Dutch Tax Authority's investigative department seized the servers of the cryptocurrency services PM2BTC and Cryptex, located in the country. According to the agency, these services may be under the control of Russian crypto entrepreneur Sergey Ivanov, which attracted the attention of law enforcement agencies to their activities.
Thus, the measures taken by the Dutch authorities confirm their focus on tightening control over crypto companies and strengthening financial regulation.
In response, Bybit confirmed its intention to pay the fine and stated that since 2022 it has been actively working to eliminate the identified violations. In addition, the company has opened an accredited office in Amsterdam, which should help improve its interaction with Dutch regulators.
In addition, in September, the Dutch Tax Authority's investigative department seized the servers of the cryptocurrency services PM2BTC and Cryptex, located in the country. According to the agency, these services may be under the control of Russian crypto entrepreneur Sergey Ivanov, which attracted the attention of law enforcement agencies to their activities.
Thus, the measures taken by the Dutch authorities confirm their focus on tightening control over crypto companies and strengthening financial regulation.
