Deribit receives conditional VASP license from Dubai’s VARA

This announcement also coincides with the crypto derivative options platform’s strategic move to relocate its global headquarters to Dubai and the appointment of Luuk Strijers as Chief Executive Officer.

Deribit FZE, the Dubai-based arm of the leading crypto derivative options platform, Deribit Group, has secured a conditional Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

This regulatory milestone encompasses both spot and derivatives trading services, but the license remains non-operational until the company fulfills VARA’s remaining conditions and localization requirements.

Deribit relocates headquarters to Dubai

The announcement coincides with Deribit’s strategic move to relocate its global headquarters to Dubai and the appointment of Luuk Strijers as Chief Executive Officer.

Strijers, with a robust background in product development and client engagement, and nearly two decades in the industry, steps up from his role as Chief Commercial Officer. “Being appointed CEO at this crucial time is a huge honor. VARA’s progressive regulatory framework opens up vast opportunities in the digital asset realm. Our strong position in the crypto options market reflects the trust our clients have in us. I’m thrilled to work with our loyal clientele and drive Deribit’s innovation, as we continue to lead in the evolving crypto marketplace.”

The firm also welcomed two Non-Executive Directors, Dennis Dijkstra, former CEO of Flow Traders, and industry veteran Willem Meijer, to provide strategic guidance for long-term growth.

Deribit aims to cater to both institutional and qualified investors, leveraging its leading technology. The firm has outlined plans to continue servicing its retail clients through its broker affiliate in Panama, a member of Deribit FZE, until further notice.

Deribit holds an ISO 27001 certification

A central figure in the crypto derivatives exchange sector, Deribit is renowned for its advanced infrastructure, facilitating low latency trading and deep liquidity. The exchange has been recognized for its innovation and security standards, including receiving the ISO 27001 certification.

John Jansen, Co-Founder of Deribit, said: “Today marks a monumental chapter in Deribit’s story. Securing the conditional VASP license from VARA is not just a regulatory milestone; it’s a sign of our unwavering commitment to providing a secure, transparent, and innovative platform for our users.

“The appointment of a new CEO and two seasoned NEDs signifies a fusion of fresh insights and extensive experience, fortifying our strategy for long-term growth. As we anchor our operations in Dubai, we’re not only extending our reach but also reaffirming our resolve to remain the platform of choice for trading. This is a giant stride towards realizing our ambitious vision, and it invigorates our journey in steering the crypto industry to new horizons.”

Last year, Deribit tapped multi-asset class trade surveillance and market risk solutions provider Eventus for market abuse monitoring on the exchange. Deribit remains one of the world’s largest cryptocurrency options exchanges by volume and open interest.