Dubai, UAE – 10 October 2024: MultiBank Group, the world’s largest traditional financial derivatives institution, has announced the official launch of its operations in the UAE through its subsidiary, MEX Digital FZE. The company has secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) and will operate under the MultiBank.io brand.
This VASP license permits MultiBank.io to offer both virtual asset exchange and broker-dealer services, further establishing its presence as a leading Virtual Asset Service Provider in the region. However, the current license excludes virtual asset derivatives.
The milestone marks a pivotal step for MultiBank Group, a global financial powerhouse with over US$583 million in net assets and a trading community of more than one million traders across 90 countries. The group boasts average daily trading volumes of US$15.6 billion and is among the most regulated financial institutions globally, holding 15 regulatory licenses across five continents.
Speaking on the occasion, Naser Taher, Chairman of MultiBank Group, commented: “Our vision is to build an ecosystem that bridges the gap between traditional financial derivatives markets and the emerging crypto markets. Securing these dual licenses is a testament to our commitment to regulatory excellence, and it strengthens our resolve to offer a secure and transparent environment for the global cryptocurrency community. This marks a significant chapter in our evolution from Forex markets to becoming a leader in the crypto economy.”
With the new VASP license, MultiBank.io is poised for accelerated growth as a premier digital asset exchange in Dubai, further contributing to the region’s rapidly expanding blockchain ecosystem. The company’s future plans include expanding its team, enhancing service offerings, and forming strategic partnerships aimed at driving innovation and progress within the cryptocurrency space in the UAE.
About MultiBank.io
MultiBank.io is the regulated cryptocurrency exchange arm of MultiBank Group, providing a seamless and secure platform for trading major cryptocurrencies such as Bitcoin and Ethereum. For more information, visit MultiBank.io.
