After securing a regulatory license, Deribit is set to move its headquarters to Dubai to provide spot and crypto derivatives trading, such as futures and options.
Deribit announced on April 2 that Dubai’s Virtual Asset Regulatory Authority (VARA) has granted a Virtual Asset Service Provider (VASP) license to Deribit FZE, the group’s Dubai affiliate.
Thanks to the new license, Deribit can now provide cryptocurrency trading services in Dubai, including spot and crypto derivatives trading (futures and options).
Only when the business satisfies all outstanding requirements and chooses the localization specifications specified by VARA will Deribit’s VASP license remain active.
The release states that the exchange will shortly disclose launch schedules, conditions, and the precise moment of transition to the newly licensed company for operations.
Deribit will assist qualified and institutional investors in Dubai once it is functioning. Until further notice, the exchange will also keep serving its retail clients from its broker affiliate in Panama, which is a part of Deribit FZE in Dubai.
Besides obtaining the license, Deribit plans to move its worldwide headquarters from Panama to Dubai and name Luuk Strijers as the new CEO.
John Jansen, a co-founder of Deribit, says the company’s acquisition of the conditional VASP license from VARA is “not just a regulatory milestone” but also an indication of its dedication to offering a safe and open platform.
Jansen stated, “We’re not only expanding our reach but also reaffirming our resolve to remain the platform of choice for trading as we anchor our operations in Dubai.”
About Deribit
One of the biggest cryptocurrency exchanges, Deribit, specializes in trading derivatives. Established in 2016, the exchange has become one of the biggest marketplaces for cryptocurrency derivatives, competing with industry titans like Binance and Bybit.
With $1.9 billion in daily trading, Deribit is the fifth-largest derivatives exchange as of April 2, according to CoinMarketCap.
Founded in March 2022, VARA serves as the principal oversight body for cryptocurrency-related operations in all zones within the Emirate of Dubai, encompassing Free Zones and Special Development Zones, but not including the Dubai International Financial Center.
After introducing the regulatory framework, VARA has granted numerous cryptocurrency trading licenses to businesses such as Binance and OKX.
