Deribit FZE, the Dubai-based arm of Deribit Group, a firm in the cryptocurrency derivative options market, has announced the acquisition of a conditional Virtual Asset Service Provider (VASP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This license, covering both spot and derivatives trading, remains non-operational until Deribit fulfills all remaining conditions and localized requirements outlined by VARA.
Relocation of Global Headquarters to Dubai and New CEO Appointment
As part of its strategic moves, Deribit is in the process of relocating its global headquarters to Dubai. The appointment of Luuk Strijers as the Chief Executive Officer, along with the addition of two Non-Executive Directors, marks significant leadership changes within the organization. Strijers, who joined Deribit in 2019 as the Chief Commercial Officer, brings nearly two decades of experience, including a tenure at SGX, to his new role.
Strijers commented on the news: “Being appointed CEO at this crucial time is a huge honour. 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.”
Deribit's operational expansion into Dubai aims to cater to institutional and qualified investors, leveraging its advanced technology platform. The firm also plans to maintain services for its retail clientele through its broker affiliate in Panama, which is linked to Deribit FZE in Dubai.
Deribit Readies for Dubai Exchange Launch
Details regarding the official launch of the exchange in Dubai, including launch plans, terms, and operational timelines, will be shared by Deribit in due course. Dennis Dijkstra, the former CEO of Flow Traders, and industry veteran Willem Meijer are set to join Deribit as Non-Executive Directors. In their advisory roles, Dijkstra and Meijer will contribute to shaping the long-term growth strategy and maintaining Deribit's market leadership position.
John Jansen, the Co-Founder of Deribit, commented: “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.”
This article was written by Tareq Sikder at www.financemagnates.com.
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