Deribit, the world’s largest crypto options exchange, is weighing an entry into the US market, encouraged by what it sees as a friendlier regulatory climate under President Donald Trump’s administration, according to a recent Financial Times report.
The Dubai-based exchange, which processed $1.3 trillion in notional volume last year, is “actively reassessing potential opportunities” in the United States, CEO Luuk Strijers told the FT.
He cited the “recent shift toward a more favorable regulatory stance on crypto in the US” as a key motivator behind the decision.
Deribit’s potential plan to expand into the US comes amid reports that Coinbase is in advanced negotiations to acquire the platform.
In a March 21 report, Bloomberg said both companies have notified regulators in Dubai, where Deribit is licensed. If the deal is finalized, the license would need to be transferred to Coinbase.
The move comes as competitors like Kraken also pursue growth in the derivatives space, with its recent $1.5 billion acquisition of NinjaTrader.
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Crypto firms target US expansion
Deribit joins a growing list of European and Asian crypto firms exploring US expansion.
The shift comes after a period of regulatory hostility during the Biden administration, following the collapse of FTX in late 2022.
That era saw an aggressive crackdown from the SEC and DOJ, prompting many firms to withdraw from US operations. However, the narrative appears to be shifting under Trump, who has pledged to “make the US the crypto capital of the world.”
Since Trump’s election victory, the SEC has dropped or paused over a dozen enforcement cases against crypto companies.
Additionally, the Department of Justice recently announced the dissolution of its cryptocurrency enforcement unit, signaling a softer approach to the sector.
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This hands-on approach appears to be boosting industry confidence.
OKX, for example, has announced plans to establish a US headquarters in San Jose, California, just months after settling a $504 million case with US authorities.
On April 28, Nexo, which left the US at the end of 2022 citing a lack of regulatory clarity, revealed that it is reentering the US market.
Switzerland’s Wintermute and Dubai’s DWF Labs are among other major crypto players that have shown interest in exploring US expansion.
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