# CFI Financial Group Secures Preliminary Dubai Crypto Brokerage Approval The firm's crypto unit, CFIX, receives in-principle authorization from Dubai's VARA regulator. - **Source:** [CryptoCurrency – Finance Magnates | Financial and business news](https://brifing.si/source/b5a2ce51-ec8e-4702-886b-778de5971605) - **Published:** 2026-11-09 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/cb13f7de-c2e0-4655-ad7f-438df2bb7264 ## Preliminary Regulatory Approval Granted CFI Financial Group announced that its dedicated crypto unit, CFIX, received in-principle approval from Dubai’s Virtual Assets Regulatory Authority. This authorization allows the firm to initiate the process for broker-dealer services. However, CFIX is currently prohibited from offering any virtual asset services to clients until it secures a full operating license. ## Scope of Authorized Activities The approval, dated September 29, specifically covers broker-dealer services, which include arranging and executing trades in virtual assets. This addition complements CFI’s existing business, which reported a notional volume of $3.45 trillion in the third quarter. The company currently lists various coins as contracts for difference on its primary trading platform. ## VARA Licensing Landscape Trends VARA’s public register currently lists 25 in-principle entries, with seven of these approvals granted in September alone. This represents the highest monthly volume for such authorizations. Currently, there are 60 full licenses issued, marking a significant increase from the 45 licensed providers recorded by industry analysts during the month of April. ## Operational Requirements and Conditions To transition from in-principle status to a full license, CFIX must satisfy several regulatory conditions. These requirements include finalizing leadership appointments, establishing robust operational infrastructure, and implementing comprehensive governance arrangements. CFI stated it will work closely with regulators over the coming months to address these specific compliance and internal control mandates. ## Comparison With Industry Peers The regulatory journey varies significantly between firms. For instance, Revolut currently holds in-principle approval for three distinct activities, including exchange and investment services, whereas CFIX is currently limited to one. The timeline for full licensure can also be lengthy, as evidenced by Bybit, which required approximately two years to secure final approval. ## Strategic Global Expansion Efforts CFI is actively pursuing a broader international footprint beyond its Dubai operations. In April, the group received authorization from Brazil’s central bank for a securities brokerage, bringing its total global license count to 15. The firm has also recently launched operations in Colombia and Bahrain, signaling a strategy of aggressive, regulated market entry. ## Internal Governance and Leadership The group recently underwent significant leadership restructuring to support its growth. Federico Cirulli was appointed as the independent chairman in September. Simultaneously, co-founders Hisham Mansour and Eduardo Fakhoury transitioned into non-executive roles. CFIX operates as a separate legal entity with its own distinct governance structure to ensure regulatory compliance and operational independence. ## Industry Outlook and Standards Ziad Melhem, chief executive of CFI, emphasized that the next decade will focus on proving industry standards within the virtual asset sector. By securing this preliminary approval, the firm aims to position itself as a regulated participant in the evolving Dubai crypto market, despite the current 'coming soon' status of its website. ## Sources covering this story - https://www.financemagnates.com/cryptocurrency/regulation/cfi-gets-preliminary-dubai-approval-for-its-crypto-brokerage-arm/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._