DUBAI: Deribit, the world’s biggest bitcoin and ether options exchange, is making plans to relocate to Dubai as soon as the third quarter if authorities in the crypto-friendly emirate provide more clarity on regulations.
The trading platform, which has been based in Panama since 2020, is preparing to open a Dubai office with about 10 people, a mix of core employees and local hires, David Dohmen, chief legal compliance and regulatory officer at Deribit, said in an interview.
Some employees will continue to be based in Panama. Deribit’s Netherlands-based parent company and related subsidiaries currently employ 95 people globally, roughly double year-ago levels.
The November collapse of the rival FTX crypto exchange shook trust in the sector, resulting in outflows across the industry, including between 10% and 15% at Deribit.
“We’ve had a number of clients who basically intimated to us that they would like to trade on a crypto exchange that’s actually regulated,” Dohmen said.
“In Panama we are not regulated. Also we also saw where the regulatory winds were blowing, and there was a drive toward regulation across the globe.”
Dubai has made extensive efforts to woo the world’s largest firms with crypto-friendly policies. Companies like Binance, the world’s biggest crypto exchange, have expanded in Dubai. — Bloomberg
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