Deribit to Route Most Spot Orders to Coinbase Following New Dubai Licence
Crypto derivatives platform Deribit has secured a Broker-Dealer Licence from Dubai's VARA, enabling it to route the majority of its spot crypto orders to Coinbase Exchange for enhanced liquidity and asset access.
Deribit, the crypto derivatives platform, has obtained a new Broker-Dealer Licence from Dubai's Virtual Assets Regulatory Authority (VARA). This licence allows Deribit to route most spot cryptocurrency orders to Coinbase Exchange for execution, significantly expanding its spot trading capabilities.
While Deribit will continue to serve as the client-facing platform, maintaining its existing derivatives ecosystem, Coinbase Exchange will provide the primary execution and liquidity for the upgraded spot product. This integration aims to offer Deribit clients access to deeper spot liquidity and a broader range of assets available on Coinbase Exchange, all while retaining Deribit's familiar interface.
Licence and Operational Structure
Deribit FZE initially received a VARA VASP licence for Exchange Services in January 2025, which permitted spot trading with certain restrictions. The new Broker-Dealer Licence complements this existing permission, rather than replacing it, to facilitate the upgraded spot model. Under this structure, only a small number of assets will continue to be traded on Deribit’s own spot order book.
Coinbase, which acquired Deribit in August 2025 for approximately $2.9 billion (comprising $700 million in cash and 11 million Coinbase Class A shares), views this licensing as a key milestone in integrating their platforms. Luuk Strijers, senior director and head of international derivatives at Coinbase, highlighted that this allows Coinbase to connect Deribit users to Coinbase Exchange liquidity without requiring them to switch interfaces.
Investor Access and Future Plans
The enhanced spot offering will be available to retail, qualified, and institutional investors. However, Deribit’s regulated derivatives business in Dubai will remain exclusively for qualified and institutional investors, in line with its current VARA permissions. Coinbase also indicated that assets acquired through the upgraded spot platform could potentially be used as collateral for derivatives trading on Deribit, pending further regulatory approval.
Questions, answered
- What new licence did Deribit receive in Dubai?
- Deribit received a Broker-Dealer Licence from Dubai's Virtual Assets Regulatory Authority (VARA), which enables it to route most spot crypto orders to Coinbase Exchange.
- How will the new structure impact Deribit's spot trading?
- Under the new structure, most spot orders placed through Deribit will be executed on Coinbase Exchange, providing access to deeper liquidity and hundreds of additional assets, while Deribit's own spot order book will be used for a limited number of assets.
- Which types of investors can access the upgraded spot offering?
- The upgraded spot offering will be available to retail, qualified, and institutional investors. However, Deribit's derivatives business in Dubai remains limited to qualified and institutional investors.
- When did Coinbase acquire Deribit?
- Coinbase acquired Deribit in August 2025 for approximately $2.9 billion, comprising about $700 million in cash and 11 million Coinbase Class A shares.
- What was Deribit's initial licence in Dubai?
- Deribit FZE initially received a VARA VASP licence for Exchange Services in January 2025, which allowed for spot trading under certain restrictions.
This brief was summarised and rewritten by Gaia Living from public reporting. Figures and details reflect the original sources.