CFIX gets VARA in-principle approval for broker-dealer services

Dubai’s Virtual Assets Regulatory Authority (VARA) has granted In-Principle Approval (IPA) for broker-dealer services to CFIX Virtual Assets Broker & Dealer Services L.L.C.S.O.C. CFIX is the Dubai-based virtual assets entity of CFI Financial Group.

CFI announced the approval.

Under VARA’s framework, an IPA is an intermediate stage in licensing. It does not authorise an entity to begin virtual asset services.

CFI Financial Group is a global online trading services provider. CFIX is a separate legal entity with its own governance framework, operational infrastructure and regulatory controls.

CFI says it operates 15 regulated entities and has more than 25 years in financial markets. Its recent international moves include regulatory authorisation in Brazil, a launch in Colombia and expansion into Bahrain.

CFIX has confirmed it will not provide virtual asset services unless and until VARA grants its full VASP licence.

CFIX still has to meet VARA’s remaining licensing conditions, including finalising leadership appointments, operational infrastructure, governance arrangements and regulatory compliance controls.

CFI is also strengthening its corporate governance, including appointing independent Board members and an independent Chairman.

CEO Ziad Melhem said: “Our focus now is on completing the remaining licensing requirements and building a business designed for the long term.”