Deribit to Relocate to Dubai, Seeking Full Market Product Market License
Source: Tony Frank Chaparro
Panama-based crypto exchange Deribit is planning to relocate to Dubai, the burgeoning crypto center, as it aims to secure a Full Market Product license under the Virtual Asset Regulatory Authority (VARA) regime.
Deribit plans to set up an office staffed by a team of 10 people composed of both local hires and the company's existing talent, including management, compliance and support roles.
The move to secure a license in Dubai is part of a broader push by the firm to instill greater confidence in its exchange in the wake of the meltdown of defunct derivatives exchange FTX.
Deribit is the world’s largest Bitcoin and ether options exchange by volume and open interest. The firm is also planning expansion into Brazil, the U.K. and Singapore.
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