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Fear & Greed:
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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.21 T

Deribit Scores Landmark License in Dubai, Sets Up Shop and Names New CEO

Deribit

Deribit, the leading crypto derivatives exchange, secures a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). As part of this development, the exchange is relocating its global headquarters to Dubai and appointing Luuk Strijers as its new CEO.

Deribit FZE, the Dubai-based entity of the Deribit group, has become the first crypto derivatives exchange to obtain regulatory approval from Dubai’s VARA, according to an announcement on April 2. This milestone is significant for both the company and the broader crypto community.

The VASP license for virtual asset exchange services is conditional, subject to meeting specific requirements and obtaining operational approval. It covers both spot and derivatives trading, with the official launch pending completion of the final formalities and full approval from VARA.

Additionally, Deribit is moving its global headquarters to Dubai, UAE, where it will offer crypto services to institutional and qualified investors upon commencing corporate operations. Meanwhile, the exchange will continue serving retail investors through a broker affiliate based in Panama, which is a member of Deribit FZE in Dubai until further notice.

Luuk Strijers, the current chief commercial officer, has been promoted to the role of CEO at Deribit. Dennis Dijkstra, former CEO of Flow Traders, and industry veteran Willem Meijer will join the company as non-executive directors, providing guidance on long-term growth strategy.

“VARA’s forward-thinking regulatory framework presents significant opportunities in the digital asset space. Our leadership in the crypto options market underscores the trust our clients have in us,” commented Luuk Strijers.

READ:  Binance Launches Funding Arbitrage Bot and Expands Spot Copy Trading Functionality

Expansion of Crypto Companies in Dubai, UAE

Since the establishment of VARA, the world’s first independent crypto regulator, in March 2022, Dubai has experienced a surge in crypto adoption. Major exchanges such as Binance, Bybit, and OKX have expanded their operations to the city.

Dubai has emerged as a prominent destination for the global crypto market, thanks to its crypto-friendly regulations and seamless trading environment. The vibrant city is set to host the Blockchain Life Forum 2024, a significant event for the crypto community, scheduled for April 15-16.

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