Breaking: Unlocks Dubai with Full Operational License!

Last Updated on April 10, 2024

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Key Takeaways:

  • has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA), marking it as the first global crypto firm authorized to operate with fiat in the UAE.
  • The license enables to target institutional investors in Dubai, with plans to expand offerings to retail users and launch additional products.
  • Despite facing regulatory and operational challenges globally, continues to secure significant regulatory milestones, including approvals in Singapore, France, Brazil, and the U.K. has successfully secured full operational approval to commence its services in Dubai, primarily focusing on institutional investors.

This achievement marks a significant milestone, positioning as the first global cryptocurrency firm to operate with fiat currency within the United Arab Emirates (UAE).

The approval was granted by Dubai’s Virtual Assets Regulatory Authority (VARA), acknowledging’s local entity, CRO DAX Middle East FZE, which is now listed on VARA’s public register.

This development is part of a broader trend in the UAE, where regulatory bodies have recently extended approvals to a number of cryptocurrency entities, including Deribit, M2, Rain, Nexo, Fasset, and OKX.’s license from VARA not only highlights its pioneering status in the region but also underscores its plans to expand its offerings, with a focus on launching additional products aimed at retail users.

Over the past year, has experienced a series of significant regulatory milestones, including obtaining approvals to operate in markets such as Singapore, France, Brazil, and the U.K.

However, it has also faced challenges, such as fines in the Netherlandsworkforce reductions, and difficulties in maintaining fiat currency channels amid last year’s banking turmoil.

Eric Anziani,’s President and Chief Operating Officer, emphasized the importance of launching the Exchange’s institutional services in Dubai.

He views this as a crucial step towards fostering the company’s growth and establishing a strong presence in a key strategic market.

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Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.

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