Deribit Moves Headquarters to Dubai, Eyes Broker Licenses in UK, Brazil and Singapore

• Crypto options exchange Deribit is planning to move its main headquarters to Dubai in the third quarter of 2021.
• The new office will be staffed by a team of 10 people and roles in management, compliance, and support will be housed in the Dubai office.
• Deribit is also looking to obtain broker licenses in UK, Brazil, and Singapore.

Crypto exchange Deribit is making big moves in 2021, as the exchange is planning to move its main headquarters to Dubai as soon as the third quarter of this year. According to Bloomberg, the exchange will be staffed by a team of 10 people, comprising both domestic hires alongside the exchange’s core employees. This move is part of Deribit’s global expansion plans, as the exchange is also looking to obtain broker licenses in UK, Brazil, and Singapore.

Deribit Chief Legal, Compliance, and Regulatory Officer David Dohmen says the regulatory regime in Dubai is more tailored to crypto than other jurisdictions. “We’ve had a number of clients who were looking for a more tailored or more tailored regulation and Dubai is probably the place with the most developed regulatory regimes for crypto,” he said. Dohmen also noted that the exchange is in talks with the Dubai Financial Services Authority (DFSA) to get a license.

The exchange has also been expanding its staff and operations. In October 2020, Deribit announced its partnership with crypto-friendly bank Silvergate Capital Corporation, which allowed the exchange to offer its customers dollar-backed stablecoin services. The exchange also announced the expansion of its team with the hiring of former Coinbase executive Mike Lempres.

The move to Dubai follows other exchanges that have decided to set up shop in the Middle East. Last year, Coinbase announced it would be opening its first office in the region in Dubai’s International Financial Centre. Binance also opened its own Binance Dubai office in 2019.

Deribit’s move to Dubai is part of a larger trend of exchanges setting up shop in the Middle East. The region is becoming a hub for crypto companies and exchanges as it offers a supportive regulatory environment and a strong banking system. This is in stark contrast to other jurisdictions, which have yet to develop a sufficient regulatory framework for crypto companies.

The Dubai move is also seen as a sign of Deribit’s commitment to the region and its customers. The exchange is looking to establish itself as a major player in the region and to continue providing its customers with the best services. With the exchange’s recent expansion plans and its move to Dubai, Deribit is certainly positioning itself for success in the near future.