TLDR
- BitGo received a broker-dealer license from the Virtual Assets Regulatory Authority in Dubai.
- The license allows BitGo to offer regulated digital asset trading to institutional clients in the MENA region.
- VARA announced financial penalties against 19 companies for conducting unlicensed virtual asset activities.
- BitGo’s approval follows recent regulatory expansion in Europe with a license from Germany’s financial authority.
- The company also filed an S-1 registration with the US SEC as it prepares to go public.
BitGo has received a broker-dealer license from Dubai’s Virtual Assets Regulatory Authority (VARA). This move enables its MENA branch to provide regulated crypto trading and intermediation services to institutional clients. The approval comes as Dubai tightens oversight on unlicensed virtual asset operations.
BitGo Gains Ground in Dubai Amid Enforcement Actions
BitGo confirmed on Tuesday it obtained regulatory approval from VARA to operate in Dubai. This license allows BitGo to serve institutional investors under the Emirate’s digital asset regulatory framework. The firm emphasized this milestone strengthens its regional footprint.
The license was granted shortly after VARA issued penalties against 19 firms for unlicensed activities. Among those penalized were Hokk Finance and the TON DLT Foundation. VARA stated the sanctions were due to violations of marketing and licensing rules.
Ben Choy, general manager of BitGo MENA, welcomed the approval. “This allows us to serve institutional clients with scale, confidence, and integrity,” he said. BitGo’s compliance marks a contrast to the ongoing crackdown.
BitGo has recently expanded its regulatory footprint beyond the Middle East. Its European arm secured a license from Germany’s Federal Financial Supervisory Authority. This enables the company to provide crypto services across the EU.
The company also made a key regulatory filing in the U.S. in September. BitGo submitted an S-1 registration to the SEC, aiming to go public. The filing followed its June report showing over $90 billion in managed assets.
BitGo’s multi-region licensing shows strategic alignment with global regulations. It seeks to establish trusted operations across major jurisdictions. This reflects a shift from its earlier compliance issues.
Crypto Firm Improves Global Oversight Readiness
BitGo’s journey includes past compliance challenges with U.S. regulators. In 2020, it paid $100,000 to settle allegations tied to sanctions violations. Authorities claimed it failed to block wallets linked to restricted nations.
Since then, BitGo has significantly adjusted its compliance strategy. The company continues to pursue licenses and enhance transparency across markets. These developments indicate a stronger regulatory posture today.
BitGo’s latest approval in Dubai reaffirms its evolving regulatory readiness. It positions itself as a trusted digital asset provider under global oversight. BitGo’s efforts now align with growing compliance demands worldwide.
