Deribit, a prominent crypto derivatives platform, is changing its base of operations to Dubai following significant local regulatory acceptance. The Dubai offshoot of the Deribit group, Deribit FZE, has been granted a Virtual Asset Service Provider (VASP) license by the Virtual Asset Regulatory Authority (VARA) in Dubai, according to an announcement made by Deribit on April 2.
When granted full operating rights, Deribit will cater to institutional and qualified investors in Dubai, providing services such as crypto trading, which encompasses both spot and crypto derivatives trading. Until further notice, the exchange will sustain service to its retail clients from its broker affiliate in Panama, a member of the Deribit FZE in Dubai.
In addition to receiving the new license, Deribit is shifting its headquarters from Panama to Dubai, nominating ex-chief commercial officer Luuk Strijers to take the helm as the new CEO. The co-founder of Deribit, John Jansen, sees the acquisition of the VASP license as evidence of the company’s dedication to delivering a secure, transparent platform for trades.
Deribit was founded in 2016 and has since become a significant player in the world of crypto derivatives trading alongside renowned platforms such as Binance and Bybit. As of April 2, it held the position of the fifth-largest derivatives exchange with daily trades totaling $1.9 billion.
VARA, established in March 2022, supervises all crypto-related activity in various zones throughout Dubai, aside from the Dubai International Financial Centre. VARA has issued numerous crypto trading licenses since its establishment, with recipients including Binance and OKX.