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Crypto Traders See Positive Impacts For Platforms to Follow Deribit EU Exit

By Jenny Aurora | January 13, 2020

Crypto traders reportedly believed that there are positive impacts upon the departure of other market platforms, following the recent move of Deribit, to release itself from the EU for Panama. 

“This is something they had hinted at in an interview months ago, and it’s something I fully expect we see more of going forward in the crypto space,” Prince – crypto trader, famous Twitter account and co-host of the Crypto Street Podcast shared. 

Previously, Deribit B.V – the Netherland-headquartered firm in charge of handling the Deribit.com exchange – has officially announced that it will entrust its subsidiary DRB Panama Inc. – in operating the platform, starting February 10, 2020. 

Following the initiative, Deribit will also make a few amendments to its Know Your Customer (KYC) requirements, with 2 additional authorization level incorporated into the platform, upon the foundation of KYC data gathered from clients. 

Deribit’s decision to exit the EU was finalized as the regulatory scene in the crypto sector is experiencing some significant changes, when the US SEC will be placing a tighter supervision upon it. 

Other crypto exchange firms have taken actions when these winds of change occurred. Binance revealed its prohibition of US-based clients last year, prior to the release of its derivatives products, as well as set up Binance US, separated from Binance, to facilitate US-based tradings. 

BitMEX reportedly also reduced the level of required KYC, despite the ban placed upon numerous areas based on IP addresses. 

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