Deribit, which Coinbase describes as a Coinbase company, has received a Broker-Dealer Licence from Dubai's Virtual Assets Regulatory Authority, enabling a major upgrade to its spot trading business. Spot buy, sell and trade orders placed on Deribit will be routed to Coinbase Exchange for execution from launch, giving clients access to deeper liquidity and hundreds of additional assets listed on Coinbase Exchange. Deribit said it has offered spot trading since January 2025 under its VARA Exchange Services licence, and that the new approval will allow the upgraded service to be made available immediately to Retail, Qualified and Institutional investors. The company said a small number of assets will continue to trade on Deribit's own spot orderbook, which will also remain as a fallback. Assets bought through the upgraded spot platform may be used as collateral for derivatives trading on Deribit following regulatory approval, linking the spot expansion more closely to the exchange's core crypto options and derivatives business. Deribit added that it was the first derivatives exchange to receive VARA regulatory approval and has operated its global headquarters from Dubai under VARA supervision since the start of 2025.