Jai Sahu
Deribit, the largest crypto options trading platform globally, announced on Tuesday that its Dubai branch has received a provisional license for virtual asset services from the Virtual Asset Regulatory Authority (VARA). This license covers trading in both spot and derivatives markets but is yet to be activated. Deribit needs to meet further conditions and localization requirements set by VARA to start operating with this license.
Moreover, Deribit plans to move its main office to Dubai from Panama. Luuk Strijers, who has been the Chief Commercial Officer since 2019, will now lead as the CEO. The company also strengthened its leadership by adding Dennis Dijkstra, former CEO of Flow Traders, and Willem Meijer, a seasoned industry expert, as non-executive directors.
Deribit Sets Sights on Institutional Expansion with Dubai Move
The firm aims to work closely with VARA to complete all necessary steps and launch its Dubai operations swiftly. VARA’s licensing involves a step-by-step process, eventually leading to a full market product license. Once operational, Deribit will focus on serving institutional and qualified investors, while its retail clients will continue being served through its Panama-based affiliate until further notice.
The company promises to provide more details on the launch soon.
Deribit Eyes European Market with Pending EU Brokerage License
Deribit leads the market, controlling over 85% of digital asset options trading and offers futures for Bitcoin and Ethereum. Although it provides a wide range of options, some markets might see limited liquidity due to varying trading volumes. Options are financial contracts allowing the purchase or sale of a token at a set price by a certain future date.
Recently, Deribit expanded its options to include Solana, Polygon, and Ripple, enhancing its trading portfolio in October.