By Michael Scott
The update issued by Deribit reveals that the world leader in crypto options exchange is eliminating maker and taker fees, thereby eliminating the margin earned by the exchange.
Deribit, in its recent statement, indicated the launch of zero-fee spot trading by April 24. The unveiling of the new services is set to offer comprehensive trading opportunities to the community. Deribit conveyed the changes softly after Binance scrapped the zero-fee spot trading campaign.
Deribit Unveils Spot Trading Attracting Zero Charges
The statement conveyed by Deribit revealed the launching of bitcoin options trading seven years ago. Since then, the exchange pursued inverse, futures, and linear perpetual markets harboring three cryptos: bitcoin, ether, and dollar-pegged stablecoin USDC.
Pursuing an expanded portfolio is paying off, particularly with the exchange emerging to control 90% of the options market in ether and bitcoin trading.
The head of Deribit’s commercial unit Luuk Strijers admitted the exchange is set to usher spot trading. The platform aims to prioritize the highest security levels without compromising transparency, which makes crypto derivatives trading reputable.
Deribit’s Journey Towards Becoming a Comprehensive Exchange
Strijers observes that adding spot trading to the futures and options offering transforms Deribit into a comprehensive exchange accommodating all traders.
Strijers added that availing zero fees for the Deribit spot trading will empower users when purchasing and selling. The new addition will benefit traders involved in bitcoin and ether. Also, the commercial executive indicated that including cost-free spot trading would benefit sophisticated traders targeting to deploy multi-leg strategies. In particular, one would readily integrate strategies interlinking options contracts, futures, and spot trading.
Deribit’s official on commercial operations Strijers indicated that the spot trading would carry zero maker and taker charges. It implies that Deribit’s spot trading will replace the Binance initiative recently scrapped by the Changpeng Zhao-led Binance exchange.
The unveiling of the spot trading indicated that the new feature would accommodate the pairing of USDC with bitcoin and ether – BTC/USDC and ETH/USDC. In addition, it would accommodate bitcoin pairing with ether – BTC/ETH. However, Strijers indicated that Deribit would expand the listing of alternative coins later to give the users a broader choice.
Pursuing Global Expansion in Countries Embracing Strategic Positioning with Crypto-Friendly Regime
The move by Deribit portrays the devotion of the exchange to expand its user base, particularly those involved in retail. Nevertheless, Strijers revealed that the Deribit spot trading would replicate the exchange policy by excluding the US market. As such, spot trading availability targets users in countries that deploy crypto-friendly regulations. Besides the US, Deribit targets expansion in countries strategically positioning themselves to become crypto hubs.
Strijers admitted to the unveiling of zero charges for spot trading activities. He illustrated the need for trading platforms to embrace changes in trading needs evident in the digital assets ecosystem. Its accomplishment would enable it to retain transparency and security within the ecosystem.
Deribit revealed plans to relocate the headquarters to Dubai, leaving Panama as an operating unit. Nonetheless, shifting to Dubai would only occur if Deribit secures the operating license that it is pursuing.
Uncertainty Pushes Crypto Firms Away From US
Deribit’s move to expand its offering and pursue international operations mirrors the move adopted by Coinbase and Gemini. The exodus by the US crypto companies arises from the uncertainty demonstrated by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) enforcement action and lawsuit against Ripple, Coinbase, Binance, and Bittrex, among others.
The quest for global expansion dominates the strategic positioning of leading US crypto firms. The move often indicates the executives’ devotion to steer clear from US regulators recently adopting regulation-by-enforcement.
Executives drawn from Coinbase, Kraken, Binance, and Bittrex are decrying the absence of transparency following the recent crackdown targeting staking and tokens considered by the SEC as security and CFTC as a commodity.
Deribit global expansion shows an affinity to pursue operating licenses in countries increasingly advancing into formulating responsible regulatory frameworks. In particular, Deribit is pursuing Asian markets, just as Coinbase, Huobi, and Gemini, among them Singapore, Dubai, and Hong Kong, seek strategic positioning as crypto hubs.
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