Crypto derivatives exchange Deribit publishes new KYC levels and requirements

Crypto derivatives exchange publishes new KYC levels and requirements

Deribit, the popular crypto derivatives exchange company, today published updated Know Your Customer (KYC) requirements to take effect on February 10th, 2020.

These new KYC levels come following the announcement earlier this month that Deribit, a Dutch company, will be moving its business to Panama.

“Global regulation is changing and even though the various changes are not applicable to companies based in Panama, we always strive to prevent illegal activities on our platform. Nonetheless, we want to remain competitive and not restrict our clients too much.”
– The Deribit Team

The exchange offers two different KYC levels with a distinction between retail and corporate KYC. Level 0 requires only basic information and Level 1 requires proof of identification. See the summary below.

Transaction Monitoring

As announced earlier this month, Deribit has engaged with Chainalysis to monitor suspicious cryptocurrency transaction alerts in the Chainalysis Know Your Transaction (KYT) product, the real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions.

User KYC Procedure

At the beginning of February 2020, the KYC procedure will be accessible for users in the ‘Verification’ tab in the menu within their account.

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