Deribit's Dubai Gambit: Setting Up Global HQ After Securing Conditional VARA License

Deribit, the world’s largest cryptocurrency options exchange, has announced plans to establish its global headquarters in Dubai after its subsidiary based in the emirate was granted a conditional virtual asset service provider license by the Virtual Asset Regulatory Authority (VARA).

The license, covering both spot and derivatives trading activities, is currently pending full operational status. Deribit is required to meet all outstanding requirements and VARA’s specific localization criteria before it can commence operations under this license.

Deribit Relocates Global HQ to Dubai and Appoints New CEO and Non-Executive Directors

In tandem with this development, Deribit will relocate its global headquarters from Panama to Dubai. The company has also named Luuk Strijers, who has served as Chief Commercial Officer since 2019, as its new Chief Executive Officer.

Furthermore, Deribit has expanded its leadership team by appointing two non-executive directors: Dennis Dijkstra, former CEO of Flow Traders, and industry veteran Willem Meijer.

Deribit Moves Global HQ to Dubai, Appoints New CEO and Directors, Commits to Collaboration with VARA for Exchange Launch

Deribit emphasizes its commitment to collaborating closely with VARA to finalize the remaining formalities and expedite the official launch of its Dubai exchange. The licensing process with VARA involves several stages, including provisional permits, preparatory and operational minimal viable product (MVP) licenses, leading to the final issuance of a full market product (FMP) license.

Once operational, Deribit aims to cater primarily to institutional and qualified investors, while continuing to serve its existing retail clientele through its Panama broker affiliate. This arrangement will remain in effect until further announcements are made.

Deribit extends options market dominance, eyes EU broker license

Deribit, currently dominating over 85% of the digital asset options market, provides futures contracts for Bitcoin and Ethereum. In October, the exchange announced plans to expand its options offerings to include Solana, Polygon, and Ripple.

Looking ahead, Deribit aims to pursue an EU brokerage license to facilitate its expansion into the European market.

Deribit promises to provide further details on its Dubai exchange launch soon.