Crypto Derivatives Exchange Deribit Plans on Moving its HQ to Dubai

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In the following quarters, cryptocurrency futures and options platform Terbit, now headquartered in Panama City, plans to move its headquarters to Dubai. Dubai offers more room for crypto currency industry.

According to a report (1Terribit plans to apply for a full market product license to Dubai’s Virtual Assets Regulatory Authority, Bloomberg reported.

According to David Doman, Terribit’s chief compliance and regulatory officer, the company is only a few quarters away from having its products regulated by a crypto-friendly nation. He mentioned this by presenting the previous opinion.

Additionally, the failure of FTX and Alameda has increased the urgency for cryptocurrency exchanges to register to retain their global clientele. In addition, the volume of cryptocurrency trading decreased significantly after the saga involving FTX, and many traders shifted their business to decentralized exchanges (DEX) and insecure wallets.

Dohmen said, “We have a large number of customers who want to trade on a truly regulated cryptocurrency exchange.”

We are not subject to any regulations in Panama. Additionally, we were able to see which direction the regulatory winds were blowing, and we noticed that there was a movement toward regulation around the world.

The sun-kissed nation of Dubai has made significant legislative progress in shaping the cryptocurrency business, and Teribid, which has its headquarters in Dubai, is optimistic about the future of the industry.

According to Dohmann, “We thought the whole regulatory environment was more specialized for crypto than other jurisdictions. It has more adaptability. The administration and the regulatory body are optimistic about the future of crypto currency.”

Terribit Hops is expanding its business from Dubai

Since its official launch in June 2016, Deribi has experienced explosive growth, expanding its product offering to include perpetual, futures or options contracts on various digital assets, including Bitcoin and Ethereum.

After gaining a foothold in the Middle East, Teribid plans to expand its market to include European and Asian countries. In addition, Terbit is still the market leader in selling cash-settled cryptocurrency options on the European model.

Dubai’s entry into the economy will increase competition in the sector, as other top exchanges such as Finance have already established a presence there and are regulated by appropriate institutions.

According to Deribit’s Chief Commercial Officer Luuk Strijers, the company is now trying to hire a well-known auditor. According to reports, Teribid’s office in Dubai will have around ten employees, a mix of key employees and local staff. On the other hand, some of the Dubai workers will maintain their remote work arrangements from Panama.

According to a statement from a company representative, Teribid managed to post a successful 2022 despite being hit by the collapse of Three Arrows Capital. To a large extent, the expansion can be credited to institutional investors, who continue to increase their exposure to the cryptocurrency despite the continuation of the bearish market.


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