Deribit Moves Operations To Dubai, Expanding Offerings For Crypto Traders
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The popular cryptocurrency options trading platform Deribit has announced that it will start offering spot and derivatives trading in Dubai from January 1, 2025. The company plans to move all of its activities to its Dubai-based entity. This includes transferring USD 50 billion in open interest to the Dubai operations.
Deribit shared the news after it received a license from the Virtual Assets Regulatory Authority (VARA) in Dubai. With this license, the company said it would move its main office to Dubai and run all its work from the city.
The company said it will offer all its trading products, like spot, perpetual, futures, options, and post-trade services, through the Dubai office.
Dubai’s Clear Rules Support Deribit’s Growth
Luuk Strijers, Chief Executive Officer of Deribit, said Dubai’s clear rules and smart plans are perfect for the firm to grow and improve. Moving to Dubai is an important step for the company as it plans to offer more services.
Strijers explained that as crypto grows, trading platforms should support important clients. He said Deribit’s move to Dubai proves the company’s focus on good service and staying updated with new rules.
Deribit plans to fully assist institutional clients in Dubai starting next year. The company said regular clients will still get help from the Panama office, which will work with the Dubai office.
As part of this change, all clients of Deribit must accept new terms of service by the end of this year. They will also need to finish the know-your-customer (KYC) process. If they do not complete this process, their accounts will be limited to a “reduce only” mode. This means clients can close their positions but cannot open new ones.
Dubai Provides New Clear Cryptocurrency Regulations
Deribit chose Dubai because the city has good rules for cryptocurrencies, and many companies want to offer their services there now. Dubai’s business-friendly environment and lower tax rates have also boosted its popularity among crypto companies.
The change to Dubai is expected to help Deribit improve its position in the crypto market and offer better services to its clients. Fans of Deribit and the crypto world are paying close attention to see how this move will change the industry in the next few years.
According to the update, Ripple and Binance, two well-known crypto companies, have also received licenses to operate in Dubai. Deribit said its shift to Dubai is an important step. The company plans to grow and adjust to the changing crypto market.
