Quantcast
Bitcoin Tumbles Back Under $58K as Crypto Quickly Crumbles Thursday Afternoon
Bchain Africa CEO on detention of Binance employee: 'Are we running a military system in Nigeria under the guise of democracy?'
Binance exec in Nigerian prison is ‘almost bedridden’
Why crypto investors are ‘asleep at the wheel’ amid improving macro conditions
MetaMask Starts Rollout of Blockchain-Based Debit Card Developed With Mastercard, Baanx
Coinbase to Launch Wrapped Bitcoin (WBTC) Competitor – What’s at Stake in Such a Token?
Binance's Sacheendran: 'blockchain technology will revolutionize various industries beyond finance'
Bitcoin at 9 million in 20 years according to the power law
Binance recovers more than $73M in user funds from external hacks
Did you miss this week's news? Here is a recap of the information you shouldn't have missed about Bitcoin, Binance, Ethereum, and Ripple!
Collapsed crypto exchange FTX ordered to pay $12.7bn to creditors, CFTC says
Bitcoin Difficulty Reduction Incoming? Miners Brace for a Major Shift on Aug. 14 – Mining Bitcoin News
Gambaryan Family Says Binance Executive Is Being Denied Access to Lawyers, Health Is Deteriorating
SEC subpoenas three crypto VCs in sign crackdown is gaining pace
Ripple begins testing its stablecoin RLUSD on XRP Ledger and Ethereum
The IMF and El Salvador Close to an Agreement on Bitcoin!
Judge Fines Ripple $125M, Bans Future Securities Law Violations in Long-Running SEC Case
Solana Hits All-Time High Against Ether, Outperforms Bitcoin in Crypto Rebound
Strike et Bitstamp s’associent pour faciliter l’achat de cryptomonnaies pour les utilisateurs européens
SEC urges court to reject Coinbase’s subpoena request for documents
Bitcoin Tumbles to $53K, Ether Turns Negative for 2024 as Panic Grips Markets
Xapo Bank to offer interest-bearing bitcoin accounts in UK after 'passporting' its license
Crypto: Why Tether's CEO Prefers Bitcoin Over Ethereum
Binance announces Binance Labs investment in aPriori
Whatsapp Warns It May Leave Nigeria Over Order to Pay a $220 Million Fine – News Bytes Bitcoin News
Terra case: Do Kwon will be extradited to South Korea for trial
3 Cryptocurrencies You Absolutely Need to Buy According to This Investor
ByBit leaves France – Why, and how does the competition benefit?
The EU Takes the Reins of AI with Historic Legislation!
Binance Charity, Children of Heroes host camp for Ukranian children

DNB announces €2.25 million fine for Bybit

Webp knot
Klaas Knot, president of De Nederlandsche Bank (DNB) | De Nederlandsche Bank (DNB)

De Nederlandsche Bank (DNB) has announced a €2,250,000 fine for Bybit Fintech Limited. The penalty was imposed for offering cryptocurrency services in the Netherlands without the necessary registration. Bybit failed to comply with legal registration requirements until September 2023.

According to DNB, the registration is mandated by the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), which was introduced on May 21, 2020. This regulation aims to mitigate risks associated with money laundering and terrorist financing within the crypto industry. The registration enables authorities to monitor crypto transactions and ensure companies report unusual activities to the Financial Intelligence Unit-Netherlands (FIU-NL). During the period Bybit operated without registration, such monitoring was not possible.

Bybit's non-compliance with Wwft meant that it did not adhere to necessary safeguards for monitoring criminal financial activities, potentially allowing illicit transactions to go unnoticed. The fine reflects the severity, extent, and duration of this non-compliance. DNB considered Bybit’s efforts to resolve the issue, including transferring its Dutch customers to a local partner, which resulted in a reduced fine.

Get the Newsletter
Sign-up to receive weekly round up of news from Crypto Republique
By submitting, you agree to our Privacy Policy and Terms of Service. By providing your phone number you are opting in and consenting to receive recurring SMS/MMS messages, including automated texts, to that number from our short code. Msg & data rates may apply. Reply HELP for help, STOP to end. SMS opt-in will not be sold, rented, or shared.

Bybit is a cryptocurrency exchange platform launched in 2018 aimed at supporting the growth of the crypto and Web3 ecosystem. It provides trading services and tools to over 50 million users globally, with a daily trading volume exceeding $25 billion. Bybit has expanded its operations worldwide, including opening an office in the Netherlands, and collaborates with multiple regulatory bodies such as the Virtual Assets Regulatory Authority in Dubai and the Cyprus Securities and Exchange Commission.

DNB is tasked with maintaining financial stability and promoting sustainable prosperity in the Netherlands. Its responsibilities include managing national gold reserves, issuing euro banknotes, overseeing financial institutions for regulatory compliance, implementing European monetary policies, and advising the Dutch government on economic matters to support a stable financial system.

Organizations Included in this History
More News

Bruce Pon, co-founder and CEO of Ocean Protocol, said that the combination of "AI and blockchain" unlocks significant "potential" for new entrepreneurial opportunities and substantial value creation.

Nov 14, 2024

Irina Heaver, a crypto lawyer at NeosLegal, emphasized the importance of user education in the cryptocurrency sector.

Nov 14, 2024

Richard Teng, CEO of Binance, said that cryptocurrency is in the "early stage of adoption" globally, although major institutions are beginning to embrace blockchain and crypto agendas.

Nov 12, 2024

De Nederlandsche Bank (DNB) has announced a €2,250,000 fine for Bybit Fintech Limited.

Nov 12, 2024

The Polish Financial Supervision Authority (KNF) has added four entities to its public warning list, including Foris DAX MT Limited, operating as Crypto.com.

Nov 12, 2024

France Digitale has announced a collaboration with over twenty European startup associations in response to recent reports on the European Union's competitiveness.

Nov 12, 2024