• Deribit, the world’s largest bitcoin and ether options exchange by volume and open interest, is planning a move to Dubai as part of its larger global expansion.
• The exchange intends to open a Dubai office staffed by a team of 10 people, composed of both local hires and the company’s existing talent.
• Deribit is also planning expansion into Brazil, the UK, and Singapore.
Deribit, the world’s leading bitcoin and ether options exchange, is planning to expand its operations to Dubai as part of its larger global expansion. The Panama-based exchange is hoping to gain greater clarity on crypto regulatory guardrails in the emirate, with the intention of opening a Dubai-based office by as soon as this summer.
The Dubai office will be staffed by a team of 10 people, composed of both local hires and the company’s existing talent. According to Deribit Chief Legal, Compliance and Regulatory Officer David Dohmen, the team will work to provide greater clarity on crypto regulatory guardrails in the emirate.
The move comes as Dubai leaders have expressed a desire to turn the UAE city into a hub for the metaverse by 2030. This has led to the emirate granting licenses to a number of crypto exchanges, including Binance, Bybit, and Komainu, as well as the construction of a new digital asset exchange platform.
In addition to its move to Dubai, Deribit is also planning expansion into Brazil, the UK, and Singapore. This follows the exchange’s recent expansion into Canada, which was facilitated through a partnership with Montreal-based Kraken Financial.
Deribit’s move to Dubai is a testament to the city’s commitment to becoming a global hub for crypto and blockchain technology. With its team of experienced professionals and deep understanding of regulatory frameworks, Deribit is well-positioned to capitalize on the opportunities presented by the emirate.