CoinMENA FZE, a subsidiary of CoinMENA B.S.C. (c), has received a Virtual Asset Service Provider (VASP) license for VA Broker-Dealer services from Dubai’s Virtual Assets Regulatory Authority (VARA).
This license enables CoinMENA FZE to operate and offer its services within Dubai, allowing clients in the UAE to benefit from local banking services and quick money deposits and withdrawals.
CoinMENA B.S.C (c) has, to this point, been serving clients in the UAE from its base in Bahrain.
The company received $9.5 million in Seed investment in 2021 from entities like BECO Capital, Kenetic, Arab Bank Switzerland, Bunat Ventures, Rua Growth Fund, and Girnas Capital. Additionally, a $5 million bridge round in 2022 included Circle Ventures (USDC issuer) participation.
Notably, the business has been profitable since January 2023. CoinMENA facilitates securely buying, selling, storing, and receiving digital assets while offering local currency deposit and withdrawal services.
