Deribit Wins VARA Approval and Moves to Dubai

Deribit, a significant cryptocurrency exchange that offers options and futures for cryptocurrencies like Bitcoin, has received regulatory approval from Dubai and will be relocating its operations to the city. The exchange’s subsidiary, Deribit FZE, has obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). This license allows Deribit to offer crypto trading services in Dubai, including spot trading and crypto derivatives trading such as futures and options. The license will not be operational until Deribit fulfills all remaining conditions and meets the localization requirements set by VARA. The exchange plans to share launch plans and timing for operating under the new licensed entity soon.

Once it becomes operational, Deribit intends to cater to institutional and qualified investors in Dubai. It will also continue to serve its retail clients through its broker affiliate in Panama, which is a member of Deribit FZE, until further notice. As part of the relocation process, Deribit will move its global headquarters from Panama to Dubai, with its former chief commercial officer, Luuk Strijers, taking over as the new CEO.

Deribit co-founder John Jansen sees the acquisition of the VASP license as more than just a regulatory milestone. He believes it demonstrates the company’s commitment to providing a secure and transparent trading platform. Jansen emphasizes that by establishing operations in Dubai, Deribit is expanding its reach and reinforcing its position as the preferred trading platform.

Deribit is a prominent exchange that focuses on derivatives trading. It was established in 2016 and has become one of the largest platforms for crypto derivatives alongside industry giants like Binance and Bybit. As of April 2, Deribit is ranked the fifth-largest derivatives exchange, with a daily trading volume of $1.9 billion.

VARA, the regulatory authority that issued Deribit’s license, was established in March 2022 as the primary regulator of crypto-related activities in Dubai. It oversees all zones within the Emirate of Dubai, except for the Dubai International Financial Centre. Since its launch, VARA has issued several crypto trading licenses to companies like Binance and OKX.

Rey Cevallos

Rey Cevallos

11 thoughts on “Deribit Wins VARA Approval and Moves to Dubai

  1. These regulatory authorities are popping up left and right, but can we really trust them to regulate these exchanges effectively? I have my doubts.

  2. Crypto derivatives trading can be highly risky, and with an influx of exchanges like Deribit, it’s important to exercise caution. Don’t get caught up in the hype. ⚠️📉

  3. Deribit wants to be the preferred trading platform, but with so many options out there, what makes them stand out? I’m not convinced.

  4. Deribit’s rise in popularity is well-deserved, as it has become one of the largest platforms for crypto derivatives trading. 👏💰

  5. Deribit may claim to cater to institutional investors, but do they truly have the infrastructure and security measures in place to handle such clients? Doubtful. 🙄

  6. Wow, this is fantastic news! Deribit’s regulatory approval from Dubai is a game-changer for the cryptocurrency industry!

  7. Moving the global headquarters to Dubai is a strategic move that aligns with the growing prominence of the region in the global crypto landscape.

  8. VARA seems to be handing out licenses like candy. I hope they’re not compromising on the safety and security of investors in the process.

  9. With a daily trading volume of $1.9 billion, it’s clear that Deribit is just another player in the already overcrowded cryptocurrency market. Do we really need more of them?

  10. Wow, another cryptocurrency exchange getting regulatory approval? How many more of these do we need? 😡

  11. Congratulations to Deribit for obtaining the VASP license! This demonstrates their commitment to providing a secure and transparent trading platform.

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