Deribit, the largest crypto options exchange in the world, announced that its Dubai-based subsidiary has been granted a conditional virtual asset service provider license by the Virtual Asset Regulatory Authority (VARA). The license covers both spot and derivatives trading activities, but the exchange is not yet operational. Deribit must meet all outstanding requirements and VARA’s specific localization criteria before it can begin operations under this license. The company also revealed plans to relocate its global headquarters from Panama to Dubai and appointed a new Chief Executive Officer, Luuk Strijers, who previously served as the Chief Commercial Officer since 2019. As part of its leadership team expansion, Deribit appointed two non-executive directors, Dennis Dijkstra and Willem Meijer, to further strengthen the company.
Deribit is focusing on institutional clients with the launch of its Dubai exchange and is working closely with VARA to finalize the remaining formalities and expedite the official launch of the exchange. VARA’s licensing process includes four stages: a provisional permit, preparatory and operational MVP licenses, and ultimately the final issuance of a full market product license. Once the Dubai exchange is operational, Deribit will cater to institutional and qualified investors while continuing to serve its retail clients through its Panama broker affiliate for the time being. The exchange plans to share more details about the launch soon to provide clarity on the institutional focus of the Dubai operations.
As a leading player in the digital asset options market with over 85% market share, Deribit currently offers futures contracts for Bitcoin and Ethereum. While the exchange offers a wide range of options instruments, some markets may experience limited liquidity due to volume fluctuations. Options are a type of derivative contract that gives users the right to buy or sell a token at a predetermined price in the future. In October, Deribit expanded its options offerings to include Solana, Polygon, and Ripple, demonstrating its commitment to offering a diverse range of options to its users. The company also announced its plans to pursue an EU brokerage license, indicating its desire to expand further in the European market.
In addition to its expansion plans in Dubai and Europe, Deribit continues to focus on enhancing its leadership team to drive growth and innovation. The appointments of Dennis Dijkstra and Willem Meijer as non-executive directors further strengthen the company’s strategic direction. Dijkstra, the former CEO of Flow Traders, brings extensive experience in the financial industry, while Meijer’s industry expertise will contribute to Deribit’s growth plans. By bolstering its leadership team and pursuing regulatory licenses, Deribit aims to solidify its position as a leading player in the crypto options market and expand its presence in key regions worldwide.
Deribit’s strategic initiatives, including obtaining a virtual asset service provider license in Dubai, relocating its global headquarters, expanding its options offerings, and seeking an EU brokerage license, signify the exchange’s commitment to growth and innovation. By focusing on serving institutional clients, launching in key markets, and strengthening its leadership team, Deribit is well-positioned to capitalize on opportunities in the rapidly evolving digital asset landscape. The exchange’s dedication to meeting regulatory requirements and enhancing its product offerings underscores its determination to remain a market leader and provide value to its users.
