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Deribit Shifts Headquarters to Dubai after New Regulatory Approval

Deribit Shifts Headquarters to Dubai after New Regulatory Approval

Key Takeaways

  • Deribit has obtained a Virtual Asset Service Provider license from Dubai’s VARA, enabling it to offer a range of crypto trading services in the region;
  • The exchange plans to relocate its global headquarters from Panama to Dubai;
  • The license reflects the exchange's dedication to providing a secure, transparent, and innovative trading platform.

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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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