A Dubai regulator has granted in-principle approval for broker-dealer services to CFIX VA Broker and Dealer Services LLC S.O.C., a CFI Financial Group unit that still needs a full license before offering virtual-asset services.
Dubai’s Virtual Assets Regulatory Authority (VARA) lists broker-dealer services as the entity’s sole activity under the in-principle approval. The register dates the entry Sept. 29; CFI Financial Group announced it Nov. 9.
In a separate case, VARA’s register lists Bybit’s Dubai exchange license as active after the affiliate received preliminary approval in 2024.
CFI said CFIX cannot offer virtual-asset services until VARA grants a full virtual asset service provider (VASP) license. CFI said CFIX has yet to name its leadership and develop the operating systems and internal controls needed to proceed.
CFI Financial Group CEO Ziad Melhem said, “Our focus now is on completing the remaining licensing requirements and building a business designed for the long term.”
