Deribit, a leading exchange specializing in cryptocurrency options and futures like Bitcoin, has decided to relocate its operations to Dubai following the acquisition of regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA).
Deribit’s Dubai subsidiary, Deribit FZE, has been granted a Virtual Asset Service Provider (VASP) license by VARA. This license permits Deribit to offer cryptocurrency trading services in Dubai, encompassing both spot trading and derivatives trading, including futures and options.
While the VASP license remains non-operational, Deribit will work to fulfill all remaining conditions and adhere to localization requirements specified by VARA. The exchange plans to announce launch details, terms, and the exact commencement date for operating under the newly licensed entity in the near future.
Once operational, Deribit will cater to institutional and qualified investors in Dubai. Meanwhile, it will continue to serve retail clients through its broker affiliate in Panama, a member of Deribit FZE in Dubai, until further notice.
Deribit will also shift its global headquarters from Panama to Dubai, with former chief commercial officer Luuk Strijers assuming the role of CEO. Co-founder John Jansen emphasized that obtaining the conditional VASP license underscores the company’s dedication to providing a secure and transparent trading platform.
Deribit is a prominent player in the cryptocurrency derivatives market, ranked as the fifth-largest derivatives exchange with $1.9 billion traded daily. VARA, established in March 2022, serves as the primary regulator for crypto-related activities in Dubai, issuing licenses to notable firms like Binance and OKX.
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