Deribit, the largest crypto options exchange, plans to enter the U.S. market amid changing political attitudes towards cryptocurrencies. CEO Luuk Strijers cited a more favourable regulatory environment as a driving factor. Coinbase is reportedly in talks to acquire Deribit, which could signal further regulatory adaptations. Meanwhile, major players like Kraken are expanding their presence in the U.S. market after years of strict regulations.
Deribit, recognised as the largest crypto options exchange globally, is contemplating a move into the U.S. market. This shift comes at a time when the political landscape regarding cryptocurrencies is evolving. According to CEO Luuk Strijers, who spoke to the Financial Times, the Dubai-based company facilitated a staggering $1.3 trillion in notional trading volume in 2024 and is now “actively reassessing potential opportunities” in the United States.
Strijers attributes this interest to a recent shift toward a more favourable regulatory environment for crypto in the U.S., a perspective the company perceives as a growth opportunity. Additionally, a report suggests that Coinbase is engaged in discussions to acquire Deribit, with both exchanges notifying Dubai regulators of the ongoing negotiations. Should the acquisition progress, the exchange’s license would need to be transferred officially as a Bloomberg report dated March 21 indicated.
The landscape of U.S. crypto regulation has deterred many from entering the market, but a number of other significant players are taking the plunge. Competitors such as Kraken have made bold moves, including a $1.5 billion acquisition of trading platform NinjaTrader, as they seek to broaden their service offerings. Deribit is now part of a wave of European and Asian crypto firms eyeing the U.S., alongside others like OKX and Nexo, as enthusiasm for the market reignites.
This renewed interest comes on the back of a challenging period during President Biden’s administration. The SEC and DOJ’s stringent oversight intensified significantly after the collapse of FTX in 2022, leading many firms to exit the U.S. entirely. The primary concerns were centered around ambiguous regulations and aggressive enforcement, but signs indicate that this atmosphere is changing rapidly.
The return of Donald Trump to the presidency has prompted industry optimism, as he has stated his commitment to make the U.S. the “crypto capital of the world.” In line with this shift, the SEC has reportedly paused or dropped over a dozen enforcement actions since Trump’s re-election, while the DOJ has ceased operations of its dedicated crypto enforcement unit. In this context, the landscape for crypto firms looks more promising than it has in recent years.
