Dubai, UAE, 10 October 2024 – MultiBank Group, the largest financial traditional derivatives institution worldwide headquartered in Dubai, today announced the launch of its UAE presence with its subsidiary MEX Digital FZE securing a license under the Virtual Assets Regulatory Authority (VARA) in Dubai, operating under the MultiBank.io brand. 

The VASP license recognizes MultiBank.io as both a broker-dealer and exchange, licensed to offer VA exchange and VA broker-dealer services (exclusive of VA derivatives at this stage), affirming its position as a leading Virtual Assets Service Provider (VASP) in the region.

This achievement marks another significant milestone for MultiBank Group, a global powerhouse in traditional finance with robust net assets of over US$583 million with over 1 million traders across 90 countries. Multibank Group boasts daily trading volumes averaging in excess of US$15.6 Billion per day and is one of the most regulated financial institutions worldwide with over 15 regulators, in 5 continents, with an unblemished record since its inception in 2005 now holds 15 regulatory licenses worldwide. 

Naser Taher, Chairman of MultiBank Group, said: “Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets. 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.”

With a VASP License from VARA for exchange and broker-dealer activities, MultiBank.io is set to accelerate its growth as a premier digital asset exchange, contributing significantly to Dubai’s burgeoning blockchain ecosystem. The company’s expansion strategy includes bolstering its team, elevating its service offerings, and forging strategic partnerships, all aimed at driving the advancement of the cryptocurrency industry in the region.

ABOUT MULTIBANK.IO

MultiBank.io is the regulated cryptocurrency exchange under MultiBank Group, offering a user-friendly platform for instant, secure trading including Bitcoin, Ethereum and more. For more information, visit https://multibank.io/