Crypto Derivatives Exchange Deribit Gets License in Dubai

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Crypto Derivatives Exchange Deribit Gets License in Dubai – Crypto News

Published

1 year ago

April 2, 2024

Dripp

The world’s leading crypto derivatives exchange Deribit has received a conditional Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA). Deribit is also relocating global headquarters to Dubai and promoting chief commercial officer Luuk Strijers as the new chief executive officer (CEO).

Deribit FZE Receives License in Dubai

Deribit FZE, the Dubai entity of Deribit group, becomes the first crypto derivatives exchange to receive regulatory approval from Dubai’s Virtual Asset Regulatory Authority (VARA), as per a press release on April 2. This marks a great development for the firm and crypto community.

The conditional Virtual Asset Service Provider (VASP) for virtual asset exchange services is subjected to fulfillment of specific conditions and qualifying for operational approval. The license applies to both spot and derivatives trading. The official launch will happen after the completion of the last formal steps with complete VARA approval.

Moreover, Deribit to relocate the firm’s global headquarters to Dubai, United Arab Emirates. It will offer crypto services to institutional and qualified investors after the firm starts corporate operations. Meanwhile, the firm will continue to provide services to retail investors through a broker affiliate in Panama. The broker affiliate is a member of Deribit FZE in Dubai until further notice.

Luuk Strijers, current chief commercial officer gets promoted to new CEO of Deribit. Moreover, Dennis Dijkstra, former CEO of Flow Traders, and industry veteran Willem Meijer, will become non-executive directors for Deribit. They will continue to advising on the long-term growth strategy of the company.

“VARA’s progressive regulatory framework opens up vast opportunities in the digital asset realm. Our strong position in the crypto options market reflects the trust our clients have in us,” said Luuk Strijers.

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