Million

April

Dubai

<a href="https://www.deribit.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Deribit</a>, a leading cryptocurrency exchange specializing in options and futures, has announced its move to Dubai following the acquisition of a new regulatory license.
This strategic relocation is propelled by the successful attainment of a Virtual Asset Service Provider (VASP) license issued by Dubai’s Virtual Asset Regulatory Authority (VARA) to Deribit’s local subsidiary, Deribit FZE, on April 2.
This newly granted license enables Deribit to broaden its service offerings in Dubai, including spot trading and crypto derivatives like futures and options.
However, the exchange must meet all of VARA’s conditions and localization requirements before the VASP license becomes operational.
Deribit anticipates revealing its launch strategies, terms, and operational commencement date shortly.
Upon becoming operational, Deribit aims to cater to institutional and qualified investors within Dubai while maintaining service for its retail clientele through its Panamanian broker affiliate, a member of the Dubai-based Deribit FZE, until further announcements are made.
In a significant move signaling its commitment to the Dubai market, Deribit will transfer its global headquarters from Panama to Dubai and has appointed Luuk Strijers, its former chief commercial officer, as the new CEO.
John Jansen, co-founder of Deribit, remarked that acquiring the conditional VASP license from VARA represents a commitment to ensuring a safe and transparent trading platform, enhancing Deribit’s position as a preferred platform for traders.
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Despite attempts to obtain further comments from Deribit regarding the VARA license, there was no immediate response.
Founded in 2016, Deribit has risen to prominence in the cryptocurrency derivatives market, competing closely with industry behemoths like Binance and Bybit.
As of April 2, CoinMarketCap ranks Deribit as the fifth-largest derivatives exchange globally, with daily trading volumes reaching $1.9 billion.
VARA, established in March 2022, serves as Dubai’s chief regulator for cryptocurrency-related activities, overseeing all zones within the Emirate except the Dubai International Financial Centre.
Since its inception, VARA has granted multiple crypto trading licenses to leading companies, including Binance and OKX, underlining Dubai’s growing stature as a hub for digital asset trading and innovation.
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Deribit Relocates to Dubai Following VASP License Approval, Plans to Become Crypto Trading Hub

Crypto Intelligence

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