Deribit, the world’s largest crypto options exchange, is thinking about entering the U.S. market as the country’s political mood around crypto begins to change. The Dubai-based exchange handled $1.3 trillion in notional trading volume in 2024 and is now “actively reassessing potential opportunities” in the United States, CEO Luuk Strijers told the Financial Times in an interview.
He said the move is being driven by a “recent shift toward a more favorable regulatory stance on crypto in the US,” which the company sees as a chance to grow. Meanwhile, a previous report confirms that Coinbase is in talks to buy the company, and both firms have already informed Dubai regulators.
If the deal with Coinbase goes through, the license held in Dubai would need to be officially transferred, according to the Bloomberg report published on March 21. Moreover, other major companies in the crypto space are also looking to dive into the U.S. market after years of avoiding it due to strict rules.
Competitors like Kraken are making similar moves, such as its $1.5 billion purchase of trading platform NinjaTrader, as they try to expand their services. Deribit joins a growing list of European and Asian crypto firms trying to get into the U.S., including OKX, Nexo, Wintermute, and DWF Labs, as excitement returns to the market.
The new interest that is picking up in the U.S. comes after a tough period during President Biden’s term when the SEC and DOJ cracked down really hard on crypto companies following FTX’s collapse in 2022. A lot of firms pulled out of the U.S. market completely. The main reason was the rules being unclear and enforcement was too harsh, but that trend seems to be changing quickly.
President Donald Trump, now back in office, has promised to “make the U.S. the crypto capital of the world,” and the industry is taking notice. Since Trump’s return, over a dozen enforcement actions have been dropped or paused by the SEC. Further, the DOJ has even shut down its crypto enforcement unit.
