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

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

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Deribit FZE, the Dubai entity of crypto derivatives firm Deribit, announced it received a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). The platform will also relocate its global headquarters to Dubai.  

Deribit FZE secured a conditional Virtual Assets Service Provider license from Dubai’s financial regulator. The conditional license allows Deribit to offer VA Exchanges Services and covers both spot and derivatives trading. The license, however, is non-operational until Deribit satisfies the VARA’s remaining conditions. 

Deribit Relocates Global Headquarters to Dubai

The world’s leading crypto derivative options platform, Deribit, announced that its Dubai entity had received a conditional VASP license from Dubai’s VARA. In the announcement, Deribit also said it appointed Luuk Strijers as its new CEO and will relocate its global headquarters to Dubai. 

Deribit’s license remains subject to operational approval and the fulfilment of the VARA’s remaining conditions. According to the announcement, the conditional VASP license allows it to offer Virtual Asset Exchange Services and covers both spot and derivates trading. 

The platform said it would work closely with the VARA to comply with its remaining conditions. Once Deribit’s conditional license becomes operational, it will serve institutional and qualified investors, enabling them to benefit from the platform’s leading and innovative technology. Deribit also said it would continue to serve its retail customers through its Panama-based broker affiliate. The platform’s broker affiliate is a member of Deribit FZE in Dubai until announced otherwise. 

Updated Management

Luuk Strijers' appointment as CEO comes after he joined the firm in 2019 as Chief Commercial Officer. With almost 20 years of industry experience, Strijers brings expertise in product development and client engagement. Mr Strijers commented on the platform’s conditional license and his appointment:

“Being appointed CEO at this crucial time is a huge honour. 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. I’m thrilled to work with our loyal clientele and drive Deribit’s innovation, as we continue to lead in the evolving crypto marketplace.”

In addition to a new CEO, Deribit also welcomed two new Non-Executive Directors (NEDs). Dennis Dijkstra and Willem Meijer will assist in advising the company’s long-term growth strategy and help continue the company’s position in the crypto industry.

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

“Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users. The appointment of a new CEO and two seasoned NEDs signifies a fusion of fresh insights and extensive experience, fortifying our strategy for long-term growth.” 

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

“As we anchor our operations in Dubai, we’re not only extending our reach but also reaffirming our resolve to remain the platform of choice for trading. This is a giant stride towards realising our ambitious vision, and it invigorates our journey in steering the crypto industry to new horizons.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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