MultiBank Sets Up in UAE with MEX Digital’s VARA License for Crypto Assets
MultiBank Group, a global financial institution based in
Dubai, has announced the launch of its subsidiary, MEX Digital FZE, in the UAE.
MEX Digital has secured a license from the Virtual Assets Regulatory Authority
(VARA) in Dubai to operate under the MultiBank.io brand.
The license allows
the company to offer services as a broker-dealer and exchange for virtual
assets, excluding derivatives at this stage.
MultiBank.io Secures VASP License
According to the firm, this development strengthens
MultiBank.io’s position as a Virtual Assets Service Provider (VASP) in the
region. The company can now provide virtual asset exchange and broker-dealer
services under the new regulatory framework.
“Our vision at MultiBank Group is to create an ecosystem to
facilitate integration between the financial derivatives markets and the crypto
markets,” said Naser Taher, the Chairman of MultiBank Group.
“We are happy to have been awarded dual licenses, affirming
our steadfast commitment to regulatory compliance and excellence worldwide,” he continued.
“This milestone strengthens our dedication to creating a secure and transparent
environment for the global cryptocurrency community and marks a significant
chapter in our evolution from Forex to the forefront of the crypto economy.”
🌟 Big news! #MultiBankGroup secures the prestigious UAE VARA license! 🌍🎉 With our subsidiary MEX Digital FZE now officially licensed in Dubai, we’re continuing our mission to lead the financial industry. 🚀Learn More: https://t.co/sLZmQedwWE#VARALicense #Dubai pic.twitter.com/vTktDMckpH
— MultiBank.io (@multibank_io) October 11, 2024
Operating in Multiple Markets
MultiBank Group operates in traditional finance with net
assets of over US$583 million. The firm serves more than one million traders
across 90 countries and reports daily trading volumes of over US$15.6 billion. Founded
in 2005, it operates under 15 regulatory licenses globally, across five
continents.
In July last year, MultiBank
obtained a license from the Cyprus Securities and Exchange Commission to
expand its derivatives brokerage services in Europe, as reported by Finance Magnates.
This license was granted to its local subsidiary, MEX
Europe, following the company’s rebranding from IKON MultiBank Group in 2016.
Additionally, MultiBank relocated its headquarters from Hong Kong to Dubai in
late 2022 to strengthen its business position in the UAE.
This article was written by Tareq Sikder at www.financemagnates.com.