most perp dexs are racing to add more markets and leverage. @grvt_io took a slower, weirder route: getting licensed

back in dec 2024 they secured a Class M Digital Asset Business License from the Bermuda Monetary Authority, making them the first regulated dex in the world. that's not a marketing label, it's an actual license from an actual regulator, sitting on top of a self-custody exchange

the part that doesn't get talked about enough: they had mandatory KYC when they launched, then dropped it in august 2025 once the regulatory foundation was already in place. so now you can trade self-custodially with just an email, but the compliance backbone is still there underneath if you want it (needed if you're claiming the token later)

it's a strange sequencing compared to most of defi, which builds first and figures out regulation never or last. grvt built the regulatory layer before loosening kyc, not after

raises the question of whether "regulated dex" ends up being a niche for institutions only, or actually becomes the thing that gets more retail users comfortable moving off centralized exchanges

do license + self-custody actually build more trust for you, or does it not matter either way

#grvt