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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term 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,” Naser Taher, Chairman of MultiBank Group, said.

“We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide. 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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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.