Panamanian Exchange Deribit plans to extend to Dubai

  • The Panamian exchange, Deribit wants to include Emirates in its “global expansion.”
  • The clarity of the crypto regulations in Dubai is pulling Deribit to it.

Dubai has established itself as a forward-thinking destination for bitcoin enterprises seeking regulatory relief during the market downturn. The emirate recently licensed cryptocurrency exchanges like Binance, Bybit, and Komainu.

Deribit, the world’s largest Ether and Bitcoin options exchange by open interest and volume, is considering a transfer to Dubai as regulators begin to provide some clarity on crypto regulatory rules there.

Deribit’s Chief Legal Officer, David Dohmen, expressed to Bloomberg that the exchange wishes to create an office in Dubai with a team of 10 people. It will compile local hires and the company’s existing intelligence.

The relocation could take place this summer. The Panama exchange is also planning to expand in Brazil, Singapore, Dohmen, and the United Kingdom.

The failure of major crypto exchanges such as FTX has compelled policymakers in the United Arab Emirates to reconsider Dubai’s goal to become the Middle East’s primary crypto hub.

The construction-centric city has been striving to recruit more crypto companies as it has withstood a housing market crisis that has crippled its fame in the real estate industry.

This summer, the Emirates announced a strategy focusing on the metaverse. The project, as estimated, aims to bring more than 1,000 metaverse and blockchain firms and more than 30,000 virtual jobs to the city by 2030.

About Deribit:

Deribit is a cryptocurrency exchange that specializes in offering futures and options trading for Bitcoin and other cryptocurrencies. Established in 2016, the headquarters are in the Netherlands.

Deribit is one of the largest and most established players in the crypto derivatives market, offering traders a secure and reliable platform to trade on. The platform supports trading of both futures and options contracts with high leverage, making it possible for traders to take advantage of both bull and bear markets.

The exchange is renowned for its interface, which makes it easy for new traders to get started, as well as its low fees, which make it a cost-effective option for both beginners and experienced traders. Besides the trading platform, Deribit also provides users with a range of resources and tools to help them make trading decisions based on information.  This includes market data, trading signals, and educational materials. With Derebit’s range of features and low fees, it is a popular choice for traders looking to trade in the crypto market.