Deribit Secures VASP License in Dubai, Moves HQ to the Region
Once launched, Deribit will cater to Dubai's institutional and qualified investors. Additionally, the exchange's broker affiliate in Panama, which is a part of Deribit FZE in Dubai, will continue to serve retail customers from that location until further notice
Deribit, a global leader in cryptocurrency options and futures, is moving its operations to Dubai after receiving a fresh green light from the region's regulators. Deribit's Dubai subsidiary, Deribit FZE, announced on April 2 that it has obtained a VASP license from the Virtual Asset Regulatory Authority (VARA) of Dubai.
With this new license, Deribit will be able to offer spot and crypto derivatives trading (futures, options, and other similar products) in Dubai. However, until Deribit completes all outstanding criteria and chooses the localization requirements specified by VARA, its VASP license will not be operational.
The exact launch details, conditions, and the start date for operating under the new licensed company will be shared by the exchange soon, according to the release.
Once launched, Deribit will cater to Dubai's institutional and qualified investors. Additionally, the exchange's broker affiliate in Panama, which is a part of Deribit FZE in Dubai, will continue to serve retail customers from that location until further notice.
Deribit has not only obtained the license, but it has also appointed Luuk Strijers, its previous chief commercial officer, to the position of chief executive officer and moved its worldwide headquarters from Panama to Dubai. John Jansen, co-founder of Deribit, stated that the acquisition of the conditional VASP license from VARA is "not just a regulatory milestone" but also an indication of the firm's dedication to providing an open and safe platform. In addition to expanding its reach, Jansen said that by establishing their operations in Dubai, they are reiterating the commitment to becoming the trading platform of choice.
