CFI Gets Preliminary Dubai Approval for Its Crypto Brokerage Arm
CFI Financial Group's crypto unit CFIX has received in-principle approval from Dubai's Virtual Assets Regulatory Authority (VARA) for broker-dealer services, though full licensing is still required before operations can begin.
The approval, granted on September 29, 2026, allows CFIX to offer broker-dealer services for virtual assets, which include arranging and executing trades in cryptocurrencies. However, CFI emphasized that CFIX cannot commence any virtual asset services until it obtains a full license from VARA.
This development expands CFI's offerings beyond its existing business, which reported $3.45 trillion in third-quarter notional volume and primarily offers coins as contracts for difference (CFDs). The Dubai application represents another regulated entry for the group, which now holds 15 licenses globally following authorizations in Brazil, Colombia, and Bahrain.
Regulatory Landscape in Dubai
VARA's public register shows 25 firms with in-principle approvals, including CFIX, though two have been withdrawn. This compares to 60 full licenses, up from 45 in April 2026 according to FM Intelligence. Seven of the 25 in-principle entries were granted in September, the highest monthly number to date.
The scope of approvals varies among firms. For example, Revolut, which also awaits final approvals, has three activities approved—broker-dealer, exchange, and investment services—compared to CFIX's single broker-dealer authorization. The gap between in-principle approval and full licensing can be substantial, as evidenced by Bybit, which received preliminary approval in 2024 but only obtained its full license in October 2026.
Next Steps for CFIX
To secure a full license, CFIX must finalize leadership appointments, operational infrastructure, governance arrangements, and regulatory controls. CFI stated it will work on meeting these conditions over the coming months. CFIX operates as a separate legal entity with its own governance, though its website is still marked as 'coming soon' and explicitly states the unit is not yet fully licensed.
The next decade will be about proving its standards.
CFI's leadership structure has recently evolved, with Federico Cirulli becoming chairman in September, while co-founders Hisham Mansour and Eduardo Fakhoury transitioned to non-executive roles. The company's global expansion continues alongside its regulatory compliance efforts, positioning it to capitalize on growing demand for cryptocurrency trading services in the Middle East and beyond.
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