PART 3B — ALL OTHER LICENSED FIRMS (brief profiles)
These cover the remaining VASPs beyond the RWA cluster in Part 3. Depth reflects available public information. Where a firm has a thin public footprint, that is stated plainly — the Czar should say "limited public information beyond the register" rather than infer or invent. All licence references and activities are from corpus Part 2 (VARA register, verified 25 Jun 2026).
Major exchanges
**Binance FZE** — VL/24/04/001 · Broker-Dealer + Mgmt & Investment + Lending & Borrowing + Exchange (incl. Derivatives) · 2024/04/15. The world's largest crypto exchange by volume; one of the most comprehensive VARA licences (four activity types). Dubai is a major regional hub for Binance; Binance Dubai GM has publicly positioned the UAE as a leading destination for regulated crypto. Banking/fiat via local partners.
**OKX Middle East Fintech FZE** — VL/23/12/003 · Lending & Borrowing + Mgmt & Investment + Exchange (incl. Derivatives) + Broker-Dealer · 2024/09/17. Global top-tier exchange. Secured its full VARA licence in ~8 months; introduced direct AED trading with a local order book (matching UAE buyers/sellers rather than sourcing from global books). Banking partnership with Zand Bank for fiat integration. Custody relationship with Komainu for institutional security. MENA GM: Rifad Mahasneh.
**Foris DAX Middle East FZE (Crypto.com)** — VL/23/10/003 · Broker-Dealer + Mgmt & Investment + Lending & Borrowing + Exchange (incl. Derivatives) · 2024/04/03. Dubai-licensed entity of Crypto.com, a major global retail exchange. Holds one of the broad four-activity licences.
**Deribit FZE** — VL/23/12/002 · Exchange (incl. VA Derivatives Trading) · 2024/11/01. The world's leading crypto options/derivatives exchange. First crypto derivatives exchange to receive a VARA licence; relocated its global HQ to Dubai and migrated all activity (spot, perps, futures, options, post-trade) into the Dubai entity from 1 Jan 2025, reportedly moving ~$50B in open interest. CEO Luuk Strijers. Retail serviced via a Panama broker-member entity; qualified/institutional clients direct under Deribit FZE.
**Gate Technology FZE (Gate)** — VL/25/04/007 · Exchange · 2025/04/25. Dubai-licensed entity of the global Gate exchange.
**HashKey MENA FZE** — VL/25/03/002 · Broker-Dealer + Exchange · 2025/04/14. MENA arm of HashKey Group, a major Asia-based digital-asset financial group; dual broker-dealer + exchange licence.
**OFZA Fintech Virtual Asset Exchange Services LLC** — VL/24/12/002 · Exchange + Broker-Dealer + Mgmt & Investment · 2024/12/30. Broad three-activity licence. Limited public information beyond the register and company materials.
**LCT Global FZE** — VL/25/12/001 · Exchange · 2025/12/26. Recently licensed; limited public information.
**MBIO FZE (MB.IO)** — VL/24/06/001 · Broker-Dealer + Exchange · 2024/07/18. Limited public information beyond the register.
Custody specialists
The VARA custody licence is among the harder/rarer to obtain. Verified custody licensees:
**Komainu MEA FZE** — VL/23/08/001 · Custody (incl. custodial staking & collateral wallet) · 2023/08/18. One of the earliest VARA custody licensees. Komainu is a joint venture founded by Nomura, Ledger, and CoinShares; Jersey-regulated with additional FCA/DFSA permissions. Bankruptcy-remote segregated wallets; "Komainu Connect" lets clients post custodied assets as collateral on venues like Deribit without moving keys. Raised $75M from Blockstream (Jan 2025, funded in Bitcoin). Institutional/TradFi clientele.
**Hex Trust MENA FZE** — VL/23/08/002 · Custody · 2023/11/15. MENA arm of Hex Trust, a leading APAC-focused institutional custodian (licensed also by Hong Kong SFC and Singapore MAS). Serves banks, exchanges, family offices; off-exchange settlement product ("Interchange").
**Zand Bank P.J.S.C.** — VL/2024/12/001 · Custody · 2024/12/09. UAE digital-first bank; one of the few licensed banks with a VARA custody licence. Also active as a banking/fiat partner in the tokenization ecosystem (PRYPCO pilot, OKX fiat rails) and issuer of a dirham-pegged stablecoin (Zand AED). Bridges traditional banking and digital-asset custody.
**Ceffu Custody FZE** — VL/25/10/001 · Custody · 2025/10/09. Ceffu is an institutional custody/wallet provider historically associated with Binance's institutional ecosystem.
**BitGo Custody MENA FZE** — VL/25/04/003 · Custody (incl. custodial staking) · 2025/04/25. Custody entity of BitGo, a major global institutional custodian (founded 2013, multi-sig pioneer; AUC reportedly crossed ~$90B mid-2025; received a US OCC national bank charter Dec 2025). The fourth firm to receive a VARA custody licence. NOTE: BitGo holds TWO separate VARA licences via two entities — see BitGo MENA FZE below.
**Bitpanda Custody MENA DMCC** — VL/25/04/006 · Custody (incl. custodial staking) · 2025/04/25. Custody entity of Bitpanda, a European retail/institutional platform. Bitpanda also holds a separate broker licence — see below.
Broker-dealers and other firms (verified where possible)
**BitGo MENA FZE** — VL/23/09/001 · Broker-Dealer · 2025/09/17. The broker-dealer entity of BitGo (distinct from BitGo Custody MENA FZE above). The Czar should note BitGo operates two VARA-licensed entities: one for custody (incl. staking), one for broker-dealer services.
**Bitpanda Broker MENA DMCC** — VL/25/03/001 · Broker-Dealer · 2025/03/19. Broker entity of Bitpanda (paired with its custody entity above).
**CoinMENA FZE** — VL/23/09/001 · Broker-Dealer · 2023/11/30. Regional exchange/broker licensed by both VARA and Bahrain's central bank. CEO Talal Tabbaa. Uses BitGo as qualified custodian. (Note: the register shows the same reference style as BitGo MENA; both appear with VL/23/09/001-series references — verify the exact suffix on the live register.)
**BitOasis Technologies FZE** — VL/2024/11/001 · Broker-Dealer · 2024/11/29. One of the longest-running MENA-region crypto platforms, founded in the UAE. Acquired by/partnered with CoinDCX in prior years.
**GC Exchange FZE (GCEX)** — VL/23/09/002 · Broker-Dealer · 2023/11/17. Institutional brokerage/prime-services firm.
**Morpheus Software Technology FZE (FUZE)** — VL/23/10/002 · Broker-Dealer · 2023/11/17. FUZE is a MENA-region digital-assets infrastructure provider for banks and fintechs.
**Laser Digital Middle East FZE** — VL/23/06/001 · Broker-Dealer + Mgmt & Investment · 2023/07/28. The digital-asset arm established by Nomura. Institutional-focused. (Nomura is also a co-founder of custody JV Komainu.)
**Nine Blocks Capital Management FZE** — VL/23/09/003 · Mgmt & Investment · 2023/11/21. Digital-asset hedge fund / investment manager.
**Aquanow ME FZE** — VL/24/01/001 · Broker-Dealer + Mgmt & Investment + Lending & Borrowing · 2024/07/22. Digital-asset infrastructure and liquidity provider (Canada-origin).
**Amber Premium FZE** — VL/26/03/003 · Broker-Dealer + Mgmt & Investment + Lending & Borrowing · 2026/04/02. MENA entity associated with Amber Group, an institutional digital-asset financial services firm.
**Animoca Brands Middle East Advisory FZCO** — VL/26/02/001 · Mgmt & Investment + Broker-Dealer · 2026/02/05. Middle East arm of Animoca Brands, a major Web3/gaming/venture group; entered the Middle East market in 2025.
**Selini Capital FZE** — VL/25/10/002 · Broker-Dealer · 2025/10/08. Trading/liquidity firm. Limited public information.
**HT Markets MENA FZE** — VL/23/08/003 · Broker-Dealer + Mgmt & Investment · 2024/05/31. Limited public information beyond the register.
**Varni Labs FZE (Roma)** — VL/23/10/001 · Broker-Dealer · 2024/07/22. Limited public information.
**Midchains FZE** — VL/25/04/008 · Broker-Dealer · 2025/04/29. MidChains is an Abu Dhabi-origin regulated exchange/brokerage now also VARA-licensed. Limited Dubai-specific public detail.
**Web 3 Innovations FZE (AYA)** — VL/23/12/001 · Mgmt & Investment · 2023/12/01. Limited public information.
**DKK Digital FZE** — VL/25/04/002 · Broker-Dealer + Advisory · 2025/04/18. Limited public information.
**Atremo Digital FZE** — VL/25/04/005 · Broker-Dealer · 2025/04/25. Limited public information.
**MKX Virtual Assets Broker & Dealer Services LLC** — VL/25/04/001 · Broker-Dealer · 2025/04/18. Limited public information.
**Nova Digital FZE** — VL/26/01/001 · Mgmt & Investment · 2026/01/30. Recently licensed; limited public information.
**XBase Virtual Assets Broker & Dealer Services LLC** — VL/17/03/001 · Broker-Dealer · 2026/03/19. Note the unusual reference number; issue date is 2026. Limited public information.
Advisory firms
**RIV Technologies FZE** — VL/26/03/002 · Advisory · 2026/03/27. Recently licensed advisory firm; limited public information.
**Gap 3 Partners FZCO** — VL/25/04/004 · Advisory · 2025/04/14. Advisory firm; limited public information.
Recently licensed (2026) — thin public footprint
These were licensed in early 2026 and have minimal public information beyond the register. The Czar should give the register facts and say public detail is limited.
- **CoinCorner Virtual Assets Broker & Dealer Services L.L.C.** — VL/26/05/001 · Broker-Dealer · 2026/05/05. (CoinCorner is a long-running Isle of Man-based Bitcoin company; this is its Dubai broker entity.)
- **First Crypto Exchange L.L.C (First Crypto)** — VL/26/04/004 · Broker-Dealer · 2026/04/26.
- **Liquidity Fintech FZE** — VL/26/04/003 · Broker-Dealer · 2026/04/16.
- **Daman Virtual Asset Brokerage LLC** — VL/26/04/001 · Broker-Dealer · 2026/04/16. (Possibly linked to Daman, a UAE investment firm — verify before stating.)
Firms requiring extra care on identity
Some entities share similar names or reference patterns (e.g. the two BitGo entities; CoinMENA and BitGo MENA both appearing with VL/23/09/001-style references). When the Czar is asked about these, it should reference the exact entity name and recommend confirming the precise reference on the live VARA register, rather than risk conflating two licences.
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