Deribit Leaves EU For Panama And Expands KYC.

Deribit tends to leave the European Union for Panama to avoid new AML rules while changing its Know Your Customer (KYC) requirements.

On January 9, Deribit release a statement said that Deribit B.V., the existing Dutch company responsible for the sale of Deribit.com, must formally transfer the trading platform to its parent company, DRB Panama Inc. on Feb. 10.

Deribit decided to move to Panama based on the reported probability of increasing regulatory demands in the Netherlands as a result of similar EU-wide demands, the Deribit statement noted. These requirements, known as 5AMLD, relate to crypto installations and may require substantial personal data from Deribit users to participate on the platform.

“We believe that 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 statement added.

Term of service and privacy policy

As part of the upcoming move to Panama, Deribit’s announcement acknowledged a shift in its terms and privacy policy. Deribit also discussed changes to its current KYC expectations, presenting plans to use Jumio along with Chainalysis software company in the pathway.Deribit also discussed changes to its current KYC expectations, presenting plans to use Jumio along with Chainalysis software company in the pathway.

Deribit

About Deribit

Deribit is live since June 2016 after several years of development. John Jansen, the original founder, teamed up with Marius Jansen and Sebastian Smyczýnski. Deribit started as a Bitcoin Futures and Options trading platform going live in the summer of 2016.  Deribit has been created as an answer to those in search of a professional fully dedicated cryptocurrencies futures and options trading platform. A service that can create a fully liquid marketplace with the same standards as a traditional derivatives market.

Source : Cointelegraph and Deribit.

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