Deribit exchange announces plans to relocate to Dubai

Deribit, the largest exchange in terms of BTC and ETH options trading volume, announced plans to move its headquarters to Dubai in the third quarter. The reason was the transparent regulation of the industry in the emirate.

Deribit has been based in Panama since 2020. Dubai plans to open a small office for 10 people. Some employees will move from Panama, and some will be hired locally. Some employees of the exchange will remain in Panama. The parent company of the exchange is located in the Netherlands, and the total number of employees and its divisions is 95 people worldwide.

“Many of our clients say they would like to trade on a truly regulated platform. In Panama, we do not have such conditions.. In addition, we see the mood of regulators around the world, they want to regulate the cryptocurrency industry,” said David Dohmen, head of compliance and regulation at Deribit.

Dubai has made quite a lot of efforts to attract cryptocurrency companies. At the moment, it is in this emirate that one of the most cryptocurrency-friendly regulatory norms. Dubai authorities see digital assets and blockchain as the basis for economic growth and diversification.

“We have seen that the entire regulatory policy is more focused on cryptocurrencies, compared to other jurisdictions. Laws are more flexible, and authorities and regulators welcome cryptocurrency products,” Domen explained.

Deribit plans to apply for a full license to the Dubai Virtual Assets Regulatory Authority. The exchange is also working on attracting one of the major auditors.

Recall that in November last year, hackers attacked Deribit. The site lost assets in the amount of $28 million.