Banxa Teams with Deribit to Provide AML/KYC Compliant Service to the Crypto Derivatives Platform

Announcements, News | November 30, 2021 By:

Digital-asset trades remain in the trillions of dollars and institutions remain in the game, even as the bull market slows. In June, spot trading hovered around $2.7 trillion, while derivatives stood at around $3.2 trillion. That’s a significant sum, and when hundreds of thousands of people are making crypto transactions daily, they want a sense of assurance that their payment system is secure and they can trust the trading platform they are using.

Banxa, a payment service provider (PSP) bridging traditional finance and regulation with digital assets, has announced its partnership with Deribit, the institutional grade crypto derivatives platform. Through this partnership, Banxa provides futures and options traders on the Deribit platform with direct access to its secure, compliant, and managed crypto-payment service.

“Partnering with Banxa gives our customers access to more payment methods allowing them easier, faster and safer access trading our derivatives products range,” says Luuk Strijers, CCO at Deribit. “Our goal is to remain at the leading edge of the crypto derivatives market and opening expanded access via Banxa’s compliant and managed payment service is part of that future.”

Deribit provides a professional, fully dedicated cryptocurrency futures and options trading platform, now supported by Banxas’ payments service. Deribits’ focus on integrity and quality combined with Banxas’ provision of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliant payments solutions empowers Deribit traders with a long-term sustainable solution for derivative and crypto trading. In addition, the partnership between Deribit and Banxa allows traders access to the same standards as the conventional derivatives market.

Holger Arians, Banxa CEO said, “Our integration into Deribit’s trading service allows us to give additional customers access to digital currency safely, giving a new and broader demographic of crypto traders access to quick, easy and compliant payment methods. As the industry continues to mature, Banxa’s goal is to provide the best conversions for our Network and the best user experience to their customers”.

Banxas’ payment service provides partners with an integrated solution for on and off-ramp cash to crypto conversion. The Banxa managed service offers full compliance, AML and KYC monitoring, allowing our partners like Deribit to focus on their customers and pursue innovation in the crypto space.