Sign Up on MEXCBreaking: Crypto Derivatives Exchange Deribit Gets License in Dubai
Highlights
- Deribit FZE becomes first crypto derivatives exchange to receive license from Dubai's Virtual Asset Regulatory Authority (VARA)
- Deribit to relocate the firm’s global headquarters to Dubai.
- Chief commercial officer Luuk Strijers is promoted to new CEO.
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.
Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?
Crypto Companies Expansion to Dubai, UAE
Since Dubai established the Virtual Asset Regulatory Authority (VARA), the world’s first independent crypto regulator, in March 2022, the region saw major crypto adoption. Several major crypto exchanges including Binance, Bybit, OKX have expanded to the city.
Dubai is now the major destination for the global crypto market due to crypto-friendly regulations and ease of crypto trading. The vibrant city of Dubai is hosting the Blockchain Life Forum 2024, one of the biggest even for crypto community, on April 15-16.
Also Read: Shiba Inu Team Spotlights KNINE Listing, KNINE Price To Rally?
- Analyst Calls $6 XRP Target for November Amid Ripple CEO’s White House Stockpile Hint
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
