Deribit, a prominent player in the world of cryptocurrency options and futures, has made a significant move by relocating its global headquarters from Panama to Dubai. This decision comes after receiving approval from regulators in the region. On April 2, Deribit announced that its Dubai subsidiary, Deribit FZE, had successfully obtained a VASP license from the Virtual Asset Regulatory Authority (VARA) of Dubai.
Thanks to this new license, Deribit can now offer spot and crypto derivatives trading, including futures, options, and similar products, in Dubai. However, the license will only become operational once Deribit fulfills all the necessary criteria and meets the localization requirements specified by VARA.
The exchange plans to share further details about the launch, conditions, and the exact start date of its operations under the new licensed company in the near future, according to an official statement.
This development marks a significant regulatory milestone for Deribit, as it prepares to serve institutional and qualified investors in Dubai. Meanwhile, the exchange’s broker affiliate in Panama, which is part of Deribit FZE in Dubai, will continue to serve retail customers from its current location until further notice.
In addition to obtaining the license, Deribit has also made changes to its leadership team. Luuk Strijers, the former chief commercial officer, has been appointed as the new chief executive officer. Moreover, the company has shifted its headquarters from Panama to Dubai.
Co-founder John Jansen emphasized that acquiring the conditional VASP license from VARA is not just a regulatory milestone but also a testament to Deribit’s commitment to providing a secure and transparent platform. Jansen further stated that by establishing operations in Dubai, they aim to solidify their position as the preferred trading platform.
In other news, Ethereum is currently facing bearish pressure, raising concerns about a potential slump below the $3,000 mark.