Deribit, a Coinbase company, has received a broker-dealer licence from Dubai’s VARA (Virtual Assets Regulatory Authority). From launch, spot buy, sell and trade orders placed on Deribit will be routed to Coinbase Exchange for execution, an upgrade to Deribit’s spot product. Deribit has offered spot trading since January 2025 under a VARA Exchange Services licence. Coinbase says the new arrangement gives retail, qualified and institutional clients access to Coinbase Exchange liquidity, a broader asset universe, deeper liquidity and tighter spreads, subject to applicable requirements. A small number of assets will continue to trade on Deribit’s own order book, which remains available as a fallback. Assets acquired through the upgraded spot platform may be used as derivatives collateral after regulatory approval, but Coinbase has not confirmed immediate availability for every asset or client. Eligibility and product access may vary by jurisdiction and client classification.