Deribit was one of few cryptocurrency exchanges that offered Bitcoin Futures and Options which did not require users to do KYC / AML before they could trade on it. Well, starting today, November 9th 2020, all new users will have to do verify themselves before they can start trading.
This means you will have to provide an ID document plus proof of residence before you can start trading again. If you are already a user of Deribit, you have one more month to provide documents and become a verified member. This means, deadline for existing users is December 9th 2020.
If you have a Corporate verified account, no action is required from your end.
Verified members enjoy features like ability to block trades and enable portfolio margining. They also get unlimited daily withdrawals. The truth is every single cryptocurrency exchange that plans to exist for any amount of time is going to do this. If they don’t, they will be going to jail soon. That said, Binance and FTX exchanges let you play with withdrawal limit. FTX without KYC has only $1k daily withdrawal limit though. Also, Binance has a $30,000 daily limit with no KYC.
Unfortunately, this is the trend. We need to accelerate DEX development. Time to look at DEX derivatives platforms if you’re willing to cough up the gas fees. Unlimited liquidity as they say because peer to contract trading.