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Cryptocurrency Derivatives Exchange 'Derbit' Relocates on Regulatory Barriers
The Netherlands-based crypto derivatives exchange, ‘Deribit B.V.’, who officially entrusts the trading platform, has now announced that they are going to operate out of Panama as ‘DRB Panama Inc.’ from February 10, 2020.
Crypto-derivative avenue has been fetching the numerous interests one after another in the recent trends in Bitcoin price sentiment. The Cryptocurrency futures market has evolved over the course of 2019 as products have been developed.
Amid the buzzing news by the renowned cryptocurrency derivatives exchanges like OKEx and Binance who are introducing new crypto-derivatives products of late, Derbit asserted the modifications to its current KYC expectations and authenticated credentials to payment gateway ‘Jumio’ as well as software company ‘Chainalysis’ in the process.
As per the company’s statement, the customers would be accessed by Deribit for multiple activities based on secured KYC credentials.
Netherlands will most likely adopt a very strict implementation of new EU regulations that also apply to crypto companies (5AMLD). If Deribit falls under these new regulations, this would mean that we have to demand an extensive amount of information from our current and future customers. They think crypto markets should be freely available to most, and the new regulations would put too high barriers for the majority of traders, both regulatory and cost-wise. The implementation of these changes would greatly affect the exchange and its customers.
Hence, the relocation took place, the management and team will be same, with John Jansen as the CEO. With the new transformation, all open client positions, holdings, equity, trade history, fees, rate limits, wallets, portfolio margin arrangements, and other system settings would be transferred from Deribit B.V. to DRB Panama Inc.