Deribit, a platform known for offering cryptocurrency options trading, will launch spot and derivatives trading in the UAE on 1 January 2025, migrating all activities to the Dubai-based entity. It plans to transfer USD 50 billion in open interest to its Dubai entity.
Moving to Dubai
The announcement, made today (Friday), follows Deribit FZE receiving a licence from Dubai’s Virtual Assets Regulatory Authority (VARA) and relocating its headquarters to the city.
The exchange further clarified it will consolidate all flows and activities into its Dubai entity. This means the VARA-licensed entity will offer all its products, including spot, perpetuals, futures, options, and post-trade activities.
Luuk Strijers, CEO of Deribit; Photo: :LinkedIn
“The city’s forward-looking regulatory environment provides the ideal foundation for Deribit’s growth and innovation,” said Luuk Strijers, CEO of Deribit.
The exchange emphasised that from the beginning of 2025, it will onboard all qualified and institutional clients directly under the Dubai-regulated entity. However, it will continue to service retail clients through the existing Panama-based entity, which now operates as a broker member of the Dubai-based entity.
KYC Will Be Mandatory
With the migration, all Deribit clients must accept new terms of service by the end of 2024. Additionally, all clients will need to complete the know-your-customer (KYC) process, or their accounts will be restricted to “reduce only” mode, allowing them to close open positions but preventing new ones.
Interest from crypto companies in the UAE has grown since Dubai introduced clear crypto regulations. The country also offers a business-friendly environment and a lower corporate tax regime, further attracting these companies. Other crypto firms that have recently received Dubai licences include Ripple, Binance, and several others.
“As the crypto industry matures and global regulatory needs evolve, our institutional clients require our regulated trading platform to evolve alongside the industry,” Strijers added. “This move underscores our commitment to meeting these expectations while delivering exceptional, high-quality service to our clients and adhering to the highest standards of transparency and compliance.”
