Satos

Satos is a Dutch crypto broker founded in 2013 and headquartered in Amsterdam, Netherlands. Operating as a Virtual Asset Service Provider (VASP) registered with De Nederlandsche Bank (DNB), it is one of the longest-standing crypto service providers in the Dutch market. The platform focuses on a curated selection of major cryptocurrencies and serves customers in the Netherlands and Belgium. Since late 2023, Satos has partnered with global exchange Bybit, with Bybit Dutch retail operations running under Satos VASP registration as "Bybit Powered by Satos."

Security

• Custody model: For direct purchases, Satos sends crypto to a user-provided external wallet address immediately after each transaction. The platform does not maintain persistent on-platform balances, which limits custodial exposure compared to exchanges that pool user funds.
• 2FA: Two-factor authentication is required for account access.
• KYC: Identity verification through Sumsub is mandatory before trading.
• Transaction screening: All transactions are screened via Chainalysis. Addresses linked to illicit activity are flagged, frozen, and reported to the DNB.
• No public proof-of-reserves report has been issued. Given the non-custodial model for direct purchases, the traditional proof-of-reserves format is less applicable to Satos than to custodial exchanges.

Regulation

• Registered with De Nederlandsche Bank (DNB) under the Dutch Anti-Money Laundering and Counter-Terrorist Financing Act (Wwft).
• DNB registration covers KYC and AML compliance obligations but does not constitute full prudential supervision. DNB does not oversee Satos for solvency in the way it supervises licensed banks.
• Satos is not subject to conduct-of-business supervision by the AFM (Netherlands Authority for the Financial Markets).
• In October 2024, DNB fined Bybit EUR 2.25 million for operating in the Netherlands without a VASP registration between 2020 and 2023 — before the Bybit and Satos partnership. Satos was not fined.

Incident History

No major security breaches involving Satos user funds have been publicly reported since the platform launched in 2013. Satos does not maintain pooled customer balances for direct purchases, which reduces the scope of any hypothetical breach. The DNB fine issued in October 2024 was directed at Bybit for historical unregistered operation and did not involve Satos or any loss of user funds.

Availability

Satos serves customers in the Netherlands and Belgium. EUR deposits use iDEAL in the Netherlands and Bancontact in Belgium. KYC identity verification is required for all users and trading is conducted in euros only. The broader Bybit Powered by Satos platform provides access to over 300 trading pairs for verified Dutch users through Bybit account integration.