Deribit, the derivatives exchange Coinbase acquired last year, has received a Broker-Dealer Licence from Dubai's Virtual Assets Regulatory Authority, allowing spot orders placed on its platform to be routed directly to Coinbase Exchange for execution. The approval builds on Deribit's existing VARA Exchange Service licence, which it has held since January 2025 as the first derivatives exchange to win regulatory approval from the Dubai regulator.
The upgrade changes how Deribit's spot trading product actually works: buy, sell and trade orders will now be routed to Coinbase's centralized order book rather than matched solely within Deribit's own liquidity pool. According to Coinbase's own announcement, the change gives Deribit clients access to deeper liquidity, tighter spreads and hundreds of additional assets listed on Coinbase Exchange that weren't previously available through Deribit directly.
Collateral, not just execution
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Beyond order routing, the license sets up a further integration: assets purchased through the upgraded spot product can, subject to further regulatory approval, be used as collateral for derivatives trading on Deribit. That would let clients move between spot exposure and leveraged derivatives positions without shifting assets between separate platforms, tightening the operational link between Coinbase's institutional infrastructure and Deribit's derivatives franchise.
The license is the latest step in Coinbase folding Deribit into its broader institutional stack since the acquisition closed, and it reinforces Dubai's position as a regulatory hub of choice for crypto derivatives platforms — Deribit has run its global headquarters from the emirate under VARA supervision since the start of 2025.
