Deribit, a Netherlands-based derivatives trading platform, has decided to move to Panama in order to avoid the new European anti-money laundering regulations.
The firm behind crypto exchange Deribit.com will transfer the management of the exchange to its subsidiary DRB Panama on February 10, the company reported yesterday through a press release.
The company has reportedly decided to transfer the management of the platform to Panama due to the tightening of anti-money laundering regulations in the Netherlands, which in turn have been affected by the implementation of the 5th European Anti-Money Laundering Directive (AMLD 5).
As a result of this tightening of regulations, exchange users would be forced to provide personal information to verify their identities and prevent money laundering. However, the platform does not want to share this information:
"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."
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