Deribit, a leading cryptocurrency options trading platform, has announced its plan to move all of its activities to its new Dubai-licensed entity effective January 1, 2025, after obtaining a license from the Dubai Virtual Assets Regulatory Authority (VARA).
This includes the transfer of over $50 billion of open interest, while expanding its operations to offer spot and derivatives trading through the new entity.
The transition involves the consolidation of all operational activities of the platform, with the VARA-licensed entity becoming responsible for offering all products, including spot contracts, perpetual contracts, futures and options trading.
The company’s CEO, Luke Striggers, stressed that the advanced regulatory environment in Dubai provides an ideal foundation for the company’s growth and innovation, noting Deribit’s commitment to meeting global regulatory requirements while maintaining the highest standards of transparency and quality.
From early 2025, all eligible clients and institutions will be included in the new entity in Dubai, while the existing entity in Panama will continue to serve individual clients as a subsidiary broker.
The Know Your Customer (KYC) process will be mandatory for all users, with accounts that do not meet these requirements being restricted by limiting only, allowing them to close open positions without the possibility of opening new ones.
The move reflects a growing interest by cryptocurrency companies to operate in the UAE, which offers clear regulations, a business-friendly environment and a low tax regime.
Deribit is one of several companies like Ripple and Binance that have recently been granted licenses in Dubai, further cementing the emirate’s position as a global hub for cryptocurrencies.