CoinMENA has just become one of the first crypto broker from the MENA region to receive a full VASP (Virtual asset service provider license from VARA). As per the license CoinMENA can offer crypto broker services to institutional investors, qualified investors and retail clients.
With this CoinMENA becomes the 10th VASP to receive a license from Dubai’s regulator. CoinMENA already has a license in Bahrain and serves clients across the MENA region.
In August 2023 MENA CoinMENA came out with a new marketing campaign announcing that as a licensed exchange it is serving more than 250,000 users across 8 countries including Bahrain, UAE, KSA, Kuwait, Oman, Qatar, Iraq and Egypt, stating its intentions to expand its base.
Still not to receive are Binance, Bybit, and Crypto.com, while BitOasis has been removed totally from VARA’s registered VASP list.
This comes after M2 launched its operations out of Abu Dhabi.