MultiBank Group Launches MEX Digital with VARA License in Dubai

MultiBank Group, a global financial institution based in Dubai, has officially launched its new subsidiary, MEX Digital FZE, in the United Arab Emirates. This development follows the company‘s acquisition of a license from the Virtual Assets Regulatory Authority (VARA) in Dubai, enabling MEX Digital to operate under the MultiBank.io brand. The move is a key step in MultiBank’s strategic growth as a Virtual Assets Service Provider (VASP) in the region.

The VARA license permits MEX Digital to offer services as a broker-dealer and exchange for virtual assets, though derivatives are currently excluded from its offerings. This new venture aligns with Dubai‘s evolving regulatory framework and reflects MultiBank Group’s ambition to enhance its presence in the digital asset sector, building on its reputation in the traditional financial markets.

The launch of MEX Digital marks a pivotal moment in MultiBank Group‘s evolution, as the firm combines its deep expertise in traditional finance with the expanding opportunities in the virtual asset space. As regulatory frameworks for digital assets continue to develop, MultiBank’s strategic positioning in Dubai sets the stage for further growth in this rapidly evolving market.

Naser Taher, Chairman of MultiBank Group, underscored the significance of this milestone, noting that it forms part of the company‘s long-term plan to bridge traditional financial markets with the fast-growing cryptocurrency space. He emphasized MultiBank’s strong commitment to regulatory standards, highlighting that the companys dual licensing reinforces its global operations. Taher further remarked that this achievement is crucial in fostering a secure and transparent ecosystem for the international cryptocurrency community, positioning MultiBank at the forefront of the shift from Forex to crypto.

Established in 2005, MultiBank Group has built a solid foundation in traditional finance, with net assets exceeding US$583 million. The company serves over one million traders across 90 countries, reporting daily trading volumes surpassing US$15.6 billion. Currently operating under 15 regulatory licenses across five continents, MultiBank Group has consistently expanded its global reach and service offerings.

In mid-2022, MultiBank Group broadened its scope in Europe by securing a license from the Cyprus Securities and Exchange Commission for its European subsidiary, MEX Europe. This license marked a significant step forward for the company, following a 2016 rebranding from IKON MultiBank Group. Furthermore, the firm relocated its headquarters from Hong Kong to Dubai in late 2022, positioning itself to leverage the growing demand for financial and digital asset services in the UAE.

With MEX Digital now fully licensed and operational, MultiBank Group is poised to play a more significant role in the virtual assets market, combining its established leadership in traditional finance with the new wave of digital innovation.