Crypto exchange Deribit moves to Panama due to 5AMLD

Monday 13 January 2020 12:57 CET | News

The EU-based cryptocurrency exchange Deribit has revealed it is moving to Panama amid new AML regulations in the European Union.

As per BeInCrypto, the stricter new regulations were meant to come into play on 10 January, and they will likely force out other European trading platforms going forward as well. As such, starting 10 February, the platform will be operated by DRB Panama, a new subsidiary of the company Deribit BV.

Deribit stated that the reason behind the necessity of the move is to continue offering ‘easily accessible trading’ to its customers. Also, the move is a response to the fifth European Anti-Money Laundering Directive (5AMLD), as the new regulations will greatly impact the way crypto exchanges do business. Deribit claims that the 5AMLD will require large changes to its current operation, including increased operational costs, as well as an overall inferior customer experience.

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Keywords: Deribit, cryptocurrency, exchange, withdrawals, Europe, Panama, AML, regulations, 5AMLD
Categories: DeFi & Crypto & Web3
Countries: Panama
This article is part of category

DeFi & Crypto & Web3