Deribit, the crypto derivatives exchange, has confirmed it is relocating from the Netherlands to Panama to avoid new European Union AML rules.
In an official statement the Dutch company, Deribit B.V. said it will officially transfer its trading platform to its subsidiary, DRB Panama Inc., on 10th February 2020. The servers running the platform are also being moved to London.
The company says it is making the move because, judging from events in other EU countries, it believes the Netherlands will soon introduce new regulatory requirements known as 5AMLD. To comply with 5AMLD Deribit may have to ask its customers to hand over significant personal data.
Deribit noted:
“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. Therefore, we have decided to operate the Platform from Panama. The team and leadership will remain the same, with John Jansen as the CEO.”
The company has also highlighted some changes to its terms and privacy policy necessitated by its move to Panama. Changes to its KYC procedures are also on the way, with the company planning to use verification and payment company Jumio and software provider Chainalysis.
