Dubai’s regulatory authority recently imposed financial penalties on 19 companies involved in digital asset operations, while simultaneously granting BitGo’s MENA branch a broker-dealer license. This new authorization enables BitGo to provide “regulated digital asset trading and intermediation services to institutional clients.”

Not long ago, BitGo also announced that its European arm could extend crypto services to regional investors, courtesy of a license from Germany’s Financial Supervisory Authority.

“This approval allows us to serve institutional clients with greater scale, confidence, and integrity, while also underscoring the accelerating momentum within Dubai’s digital asset ecosystem,” Ben Choy, General Manager of BitGo MENA, remarked.

BitGo
Source: BitGo Twitter

The notification of licensing approval arrived promptly after VARA announced punitive measures against 19 companies for engaging in “unlicensed Virtual Asset activities” and breaching FINRA’s Marketing Regulations. Among those penalized in 2025 were the TON DLT Foundation and Hokk Finance.

Additionally, as more crypto firms attempt to establish their presence in Dubai, VARA—a body founded by Sheikh Mohammed bin Rashid Al Maktoum in 2022—supervises the compliance of digital assets within the Emirate’s specialized development and free zones.

BitGo’s Trajectory toward an IPO

In September, BitGo filed its S-1 registration with the U.S. Securities and Exchange Commission (SEC), marking steps towards becoming public. The company reported it managed over $90 billion in assets as of June 30.

The strides taken in the EU and Middle East, along with progress in U.S. markets, reflect a fundamental change in BitGo’s operations in recent years. Back in 2020, the company settled with U.S. authorities for about $100,000 over allegations of insufficient due diligence related to wallets linked with sanctioned nations.