Deribit exchange will move from Netherlands to Panama, the United States are still not allowed to use Deribit’s services
Cryptocurrency derivatives exchange Deribit will move from its homeland in the Netherlands to Panama in South America, according to Deribit’s blog published on Jan 9.
— Tiger Thông (@tigerthong1102) January 9, 2020
On February 10, 2020, the cryptocurrency derivatives exchange platform that you are using via Deribit.com or related interfaces will no longer be operated by the Dutch company Deribit B.V., but by DRB Panama Inc., a 100% subsidiary of the Dutch entity. Deribit said on the blog.
5AMLD is a new law that will be enforced by the European Union on January 10 to regulate cryptocurrency companies to comply with compliance such as customer certification (KYC) and to share information on transactions and funds with national authorities. Is also required.
Currently, Deribit is operating in the Netherlands. However, the 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 they have to demand an extensive amount of information from our current and future customers.
Due to such different responses, many related companies, such as crypto exchanges, are concerned about the burden of compliance.
Deribit plans to expand the scope of KYC from February 10th. KYC is a mandatory item for users who withdraw 1 BTC within 24 hours. It is also worth noting how this KYC also affects the trading volume, which is currently at a high level.
Residents and/or citizens of the United States of America are still not allowed to use Deribit’s services after we relocate to Panama. Deribit reserves the right to immediately close an account and liquidate open positions if it is determined that false information about the location or place of residence has been provided. Deribit said.
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