Deribit, known for providing options and futures for cryptocurrencies like Bitcoin, is shifting its operations to Dubai after receiving approval from the Virtual Asset Regulatory Authority (VARA) in Dubai. The company's Dubai subsidiary, Deribit FZE, has been granted a Virtual Asset Service Provider (VASP) license from VARA, enabling it to offer cryptocurrency trading services in Dubai, including spot and crypto derivatives trading such as futures and options.

Despite the new VASP license, Deribit's operations will not begin until it meets all necessary conditions and satisfies localization requirements outlined by VARA. The exchange plans to announce its launch plans, terms, and timing for commencing operations under the licensed entity soon.

When operational, Deribit will cater to institutional and qualified investors in Dubai, while continuing to serve retail clients through its broker affiliate in Panama, which is a member of Deribit FZE. Additionally, the company will move its global headquarters from Panama to Dubai and appoint its former chief commercial officer as the new CEO.

According to Deribit co-founder John Jansen, the approval of the VASP license signifies the company's dedication to providing a secure trading platform. Moving operations to Dubai demonstrates Deribit's commitment to expanding its services and maintaining its position as a preferred trading platform.

Deribit is a prominent cryptocurrency exchange focused on derivatives trading and is ranked as the fifth-largest derivatives exchange, with daily trade volume of $1.9 billion. VARA, established in March 2022, serves as the main regulator of crypto-related activities in Dubai, excluding certain financial zones.

VARA has issued several crypto trading licenses to companies like Binance and OKX since introducing its regulatory framework.