EU’s 5AMLD Forces Deribit to Move to Panama
- The exchange will officially register as a Panamanian entity on February 10.
Deribit, a cryptocurrency options and futures trading platform, has decided to move its base from the Netherlands to Panama.
Announced on Thursday, the platform will officially register as DRB Panama Inc. on February 10 and will be a 100 percent subsidiary of the Dutch entity - Deribit B.V.
Though crypto platforms are not regulated by any specific framework in Europe, the Netherlands is mulling to adopt the newly passed Fifth Anti-Money Laundering Directive (5AMLD). The crypto company believes that the new regulations are “very strict” and will be imposed on digital asset businesses too.
“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,” the exchange stated.
The company cited these upcoming regulations as the driving force behind its relocation decision.
The decision to move to Panama will also give its clients an easily accessible Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term at very low costs, per the announcement.
“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 implementation of these changes would greatly affect the exchange and its customers,” Deribit added.
The company also clarified that though registered as a new entity, its leadership and team will remain the same.
Deribit is relocating from the EU to Panama because of 5AMLD. Only a matter of time until Binance and OKEx, both based in Malta, are forced to do the same. https://t.co/jMeFds9BjW
— Larry Cermak (@lawmaster) January 9, 2020
Tightening KYC rules
Moreover, the exchange will also introduce additional know-your-customer (KYC) requirements for the traders on the platform using the services of Jumio and Chainalysis. With two levels of KYC, the existing customers will be capped with a maximum deposit of 1 Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term or 50 Ether per 24 hours, unless they furnish necessary identification.
Deribit, a cryptocurrency options and futures trading platform, has decided to move its base from the Netherlands to Panama.
Announced on Thursday, the platform will officially register as DRB Panama Inc. on February 10 and will be a 100 percent subsidiary of the Dutch entity - Deribit B.V.
Though crypto platforms are not regulated by any specific framework in Europe, the Netherlands is mulling to adopt the newly passed Fifth Anti-Money Laundering Directive (5AMLD). The crypto company believes that the new regulations are “very strict” and will be imposed on digital asset businesses too.
“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,” the exchange stated.
The company cited these upcoming regulations as the driving force behind its relocation decision.
The decision to move to Panama will also give its clients an easily accessible Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term at very low costs, per the announcement.
“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 implementation of these changes would greatly affect the exchange and its customers,” Deribit added.
The company also clarified that though registered as a new entity, its leadership and team will remain the same.
Deribit is relocating from the EU to Panama because of 5AMLD. Only a matter of time until Binance and OKEx, both based in Malta, are forced to do the same. https://t.co/jMeFds9BjW
— Larry Cermak (@lawmaster) January 9, 2020
Tightening KYC rules
Moreover, the exchange will also introduce additional know-your-customer (KYC) requirements for the traders on the platform using the services of Jumio and Chainalysis. With two levels of KYC, the existing customers will be capped with a maximum deposit of 1 Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term or 50 Ether per 24 hours, unless they furnish necessary identification.