Crypto Derivatives Firm Deribit Secures VASP License from Dubai’s VARA

Deribit FZE, the Dubai branch of crypto derivatives company Deribit, obtained a provisional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). In addition, the organization intends to move its main office from its current location to Dubai.

Deribit FZE obtained a preliminary Virtual Assets Service Provider authorization from Dubai’s financial authority. This permit enables Deribit to provide VA Exchange Services, encompassing both spot and derivative markets. However, the license remains inactive until Deribit meets the remaining requirements set by the VARA.

Deribit, a well-known global crypto options platform, recently obtained conditional approval for its Virtual Asset Service Provider (VASP) license from Dubai’s regulatory body, making it the first derivatives exchange to receive such an accreditation. (Deribit FZE, the Dubai branch of Deribit Group, made this announcement.)

— Deribit (@DeribitExchange) April 2, 2024

Deribit Relocates Global Headquarters to Dubai

Deribit, the globally renowned crypto derivatives platform, made an announcement: their Dubai branch obtained a provisional Virtual Asset Service Provider (VASP) license from VARA in Dubai. Simultaneously, they appointed Luuk Strijers as their new CEO and disclosed plans to move Deribit’s headquarters to Dubai.

Based on the announcement, Deribit’s license is conditionally approved by regulators for offering Virtual Asset Exchange Services. This includes both spot market and derivative trading. However, the approval is subject to fulfilling the remaining operational requirements set by the regulatory authority (VARA).

The platform intends to collaborate closely with the VARA to meet the remaining requirements. Once Deribit’s provisional license is activated, it will cater to institutional and experienced investors, providing them access to the platform’s advanced and groundbreaking technology. Simultaneously, Deribit will continue to support its individual customers through its Panama-linked broker subsidiary. This affiliate remains a part of Deribit FZE in Dubai, unless further notice is given.

Luuk Strijers became the CEO of the company in 2021, having started working there as the Chief Commercial Officer in 2019. With nearly two decades of experience in the industry, Strijers is proficient in product development and client interaction. Regarding the company’s provisional license and his new role, Strijers shared his thoughts:

“It’s a great privilege to be named CEO during such an important period for VARA. Our advanced regulatory structure presents significant possibilities within the digital asset sector. The confidence our clients have placed in us is evident in our dominant role in the crypto options market. I’m excited to collaborate with our dedicated client base and pioneer new advancements at Deribit, as we remain at the forefront of the ever-evolving crypto marketplace.”

Deribit announced the appointment of two new Non-Executive Directors, Dennis Dijkstra and Willem Meijer. These new additions will provide valuable guidance on Deribit’s future growth plans and strengthen its presence in the crypto sector.

Co-founder of Deribit, John Jansen, commented on Deribit’s exciting developments.

Obtaining the VASP license from VARA for our conditional use isn’t merely a regulatory achievement; it symbolizes our steadfast dedication to delivering a safe, clear, and advanced platform for our customers. The addition of a new CEO and two skilled Non-Executive Directors represents a blend of novel perspectives and rich experience, strengthening our plan for sustained expansion.

Jansen celebrated the significance of Deribit’s relocation to Dubai, saying:

By setting up shop in Dubai, we’re not only expanding our influence but also reaffirming our commitment to being the go-to platform for cryptocurrency trading. This significant step brings us closer to achieving our grand vision, and it fuels our excitement as we continue leading the crypto industry into uncharted territories.

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2024-04-03 20:11