Deribit's Dubai Endeavor: Shifting Headquarters and Securing Regulatory Milestones
Apr 2, 2024
Deribit FZE, the Dubai-based unit of the leading crypto options exchange Deribit, has been granted a conditional virtual asset provider (VASP) licence by the Virtual Asset Regulatory Authority (VARA). However, the licence remains nonoperational until Deribit fulfils all remaining conditions and local requirements of Dubai's regulatory authority. Once operational, the licence will enable Deribit to conduct spot and derivatives trading for institutional and qualified investors while maintaining its retail investor services through its Panama-based broker affiliate. Deribit also announced its intention to relocate its global headquarters from Panama to Dubai and named Luuk Strijers, former chief commercial officer, as the new chief executive officer. The exchange's move aligns with Dubai's regulatory framework for crypto introduced by VARA a year ago, which mandates VASP licences for virtual asset businesses in the country. This significant step underscores Deribit's commitment to enhancing platform quality and governance standards following its ISO and SOC2 certifications and the appointment of non-executive directors.
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