Traders Unsurprised by Deribit’s Move to Panama, Expect Further Exits
Cointelegraph By Benjamin Pirus's original article for cointelegraph.com reduced by 79%
Crypto traders see potential for other market platforms to exit after crypto derivatives exchange Deribit announced a move to Panama from its EU base in the Netherlands. "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," trader, Twitter personality and co-host of the Crypto Street Podcast Prince told Cointelegraph in a message. Exiting EUDeribit broke the news on Jan.
9, explaining its platform will move to Panama from the Netherlands, owing to stringent EU regulations the Netherlands may soon adopt, known as 5AMLD. The move will officially occur on February 10, 2020, Deribit said in a statement. As part of the transition, Deribit announced upcoming changes to its Know Your Customer requirements, adding two tiers of authorization on the platform, based on KYC data that customers provide.
Trader and Cointelegraph analyst Michaël van de Poppe also spoke on Amsterdam-based exchange Deribit and its move to avoid AML5 regulations. Changing landscapeDeribit's move comes in the midst of a changing regulatory landscape in the crypto space as the U.S. Securities and Exchange Commission tightens its watch.
"A lot of these derivatives venues and exchanges that tout no KYC requirements have been doing KYC for larger traders for a while now anyways. I fully expect to see more trading venues follow suit going forward..
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CN [too long; didn’t read]
Summarised crypto news.