Deribit, a leading crypto derivatives exchange, is gearing up to relocate its headquarters from Panama to Dubai, with Luuk Strijers stepping up as the new CEO.
This decision comes after the exchange attained a significant regulatory nod from the Virtual Asset Regulatory Authority (VARA).
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Deribit FZE, the Dubai entity of the Deribit group, has acquired the Virtual Asset Service Provider (VASP) license, enabling it to offer spot and derivatives trading services in Dubai.
The license becomes operational once the exchange fulfills the remaining conditions and localization requirements set forth by VARA.
After the license is operational, Deribit will start serving institutional and qualified investors. Retail clients will continue to be serviced through its Panama-based broker affiliate.
John Jansen, co-founder of Deribit, remarked:
Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users <...>. As we anchor our operations in Dubai, we’re not only extending our reach but also reaffirming our resolve to remain the platform of choice for trading.
Deribit reportedly stands as the fifth-largest derivatives exchange, with a daily trading volume of over $2 billion at the time of writing.
VARA, established in March 2022, stands as the primary regulatory body for virtual asset activities in Dubai. The authority has been proactive in granting crypto trading licenses to leading exchanges, including Binance.
Deribit's recent regulatory approval and planned relocation indicate Dubai's growing appeal as a global crypto hub, furthering the region's aspirations to become a leading center for financial innovation and security.
