Deribit, the world’s largest crypto options exchange, is considering expanding its operations into the United States. A recent report from the Financial Times highlights that the Dubai-based exchange is motivated by what it perceives as a more favorable regulatory climate under President Donald Trump’s administration. CEO Luuk Strijers stated that the company is actively reassessing potential opportunities in the US market.
In the past year, Deribit processed an impressive $1.3 trillion in notional volume, making it a significant player in the crypto options space. The exchange’s interest in US entry is notable, particularly as it comes amidst rumors that Coinbase is in advanced negotiations to acquire Deribit.
According to reports from Bloomberg, both companies have notified regulators in Dubai, where Deribit holds its license. Should the acquisition proceed, the license would need to be transferred to Coinbase, marking a pivotal moment for both firms in the competitive crypto landscape.
This potential expansion comes at a time when other crypto exchanges, such as Kraken, are also pursuing growth in the derivatives market, recently acquiring NinjaTrader for $1.5 billion. This trend illustrates a broader strategy among crypto firms to secure meaningful footholds in the US market.
Crypto Firms Target US Expansion
Deribit is not alone in its ambitions. A growing number of European and Asian crypto firms are exploring similar opportunities. This new interest in the US market has developed in the wake of a period marked by regulatory challenges during the Biden administration, particularly following the FTX collapse in late 2022, which prompted significant enforcement actions from the SEC and DOJ.
The regulatory landscape appears to be shifting under Trump’s leadership, as he has publicly committed to transforming the US into the global hub for cryptocurrency. Since his election victory, the SEC has withdrawn or paused multiple enforcement cases against crypto companies, signaling a potentially softer regulatory approach.
Additionally, the Department of Justice has announced the dissolution of its cryptocurrency enforcement unit, which may contribute to a growing optimism within the sector.
Companies like OKX have already taken steps to re-establish themselves in the US market after navigating regulatory challenges. Following a settlement of $504 million with US authorities, OKX announced plans to set up a headquarters in San Jose, California. Meanwhile, Nexo, which exited the US due to regulatory uncertainties, has confirmed plans to reenter the market.
As crypto companies continue to explore opportunities in the US, significant players such as Switzerland’s Wintermute and Dubai’s DWF Labs also exhibit interest in this evolving landscape. The current trajectory indicates a substantial shift towards a more favorable business environment for cryptocurrency firms operating within the US.
The future remains bright for Deribit and its counterparts as they navigate this transformative phase in the cryptocurrency industry.
