Crypto Options Exchange Deribit to Require ID Verification for All Users by Year End: Report

Popular cryptocurrency options exchange Deribit will require all of its users to be ID verified before the end of this year under its revamped know-your-customer (KYC) policy.

AccessTimeIconOct 21, 2020 at 5:43 p.m. UTC
Updated Sep 14, 2021 at 10:21 a.m. UTC

Following a similar move by one of its rivals, popular cryptocurrency options exchange Deribit will require all of its users to be ID verified before the end of the year, according to a report by The Block

The largest crypto options exchange by trading volume will ask its users to submit government-issued photo identification, such as a passport or driver's license, as well as a proof of residence, under its revamped know-your-customer (KYC) program. 

  • The move comes less than a day after rival exchange BitMEX announced it was accelerating its own planned mandatory ID verification requirement. Charged by the U.S. government with facilitating unregistered trading, BitMEX said all of its customers would need to verify their identities by Nov. 5, three months earlier than the original deadline. 
  • While Deribit currently uses a two-tiered KYC system that allows withdrawals up to one bitcoin (BTC) or 50 ether (ETH) without a photo ID or proof of residence, the change in policy will eliminate the tiers and make the requirements uniform across users.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about