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.
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,” 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 to the forefront of the crypto economy.”
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.
