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Home News Crypto

Deribit Moves Operations to Dubai, Prepares to Launch Trading in UAE

29 November 2024
in Crypto, News, Uncategorized
Reading Time: 3 mins read
106 3
source: cryptoninjas.net

source: cryptoninjas.net

Dubai will become the new operational hub for Deribit, a leading crypto options trading platform, as it prepares to launch spot and derivatives trading in the United Arab Emirates (UAE) on January 1, 2025.

In a recent press release, the platform announced that it will migrate its operations and approximately $50 billion worth of assets to its Dubai-based entity, Deribit FZE. This transition will consolidate all trading flows under the entity, including spot, perpetuals, futures, options, and post-trade services.

Notably, the move follows the division’s recent approval by Dubai’s Virtual Assets Regulatory Authority (VARA), granting the exchange a license to operate within the city’s regulatory framework. Luuk Strijers, CEO of Deribit, emphasized that Dubai’s forward-looking regulatory environment offers the ideal foundation for the platform’s growth and innovation.

Starting in 2025, Deribit will onboard all institutional and qualified clients under its VARA-licensed entity. However, retail clients will continue to be serviced through Deribit’s Panama-based entity, which will now function as a broker member of the Dubai entity.

As part of the migration process, all Deribit clients are required to complete the mandatory know-your-customer (KYC) process by the end of 2024. Those who fail to comply will face restrictions, with accounts moving to a “reduce-only” mode, allowing users to close positions but preventing new trades. Clients must also accept new terms of service to maintain access to their accounts.

Dubai’s business-friendly environment, transparent regulations, and low corporate tax regime have made it a hotspot for cryptocurrency companies. Deribit’s move aligns with the trend of major crypto firms, like  Ripple and Binance, securing licenses to operate in the UAE.

Strijers added,

“As the crypto industry matures, our institutional clients require a regulated platform that evolves with the industry. This move underscores our commitment to high-quality service and compliance with global standards.”

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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