Robinhood Markets has officially obtained authorization from the Dubai Financial Services Authority (DFSA) to initiate retail trading and custodial services in the Middle East. This includes access to 10 diverse asset classes, among them Bitcoin, other cryptocurrencies, stocks, exchange-traded funds (ETFs), and investment tokens. This announcement was made by the company on Wednesday.
The anticipated launch is set for 2027 and will feature a new operational hub located in the Dubai International Financial Center (DIFC), a specialized economic zone that will act as Robinhood’s headquarters for the Middle East and North Africa (MENA) region.
Salah Kadoura has been designated as the senior executive officer and president of Robinhood MENA, a role recognized by the DFSA. In this capacity, he will focus on assembling a local team in preparation for the upcoming launch.
Vlad Tenev, Chairman and CEO of Robinhood, expressed the significance of this expansion, stating, “DIFC is one of the world’s most important financial hubs, and our expansion there brings us closer to creating a global platform that allows anyone, anywhere to own the highest quality financial assets.”
The Evolution of Robinhood’s Global Presence
Robinhood’s growth trajectory has seen the platform extend well beyond its U.S. roots, gaining significant traction amongst younger investors who trade individual stocks.
In 2024, Robinhood first ventured into the United Kingdom, followed by more substantial operations within the European Union in the previous year. This year marked the receipt of in-principle approval for brokerage services in Singapore, and the successful acquisition of the Canadian cryptocurrency platform WonderFi in June. Additionally, the company has expanded its offerings in Japan, incorporating weekend trading and perpetual futures as of September. Presently, Robinhood boasts over 1 million customers located outside the United States.
According to Johan Kerblatt, head of crypto and international trading at Robinhood, the move into Dubai aligns with the increasing demand from retail investors in the region. Notably, Kerblatt previously announced on October 7 that Robinhood had allocated $25 million in Bitcoin to its balance sheet, marking the company’s first instance of holding BTC as a corporate asset rather than on customer behalf.
The DFSA has granted Robinhood the ability to manage customers’ digital assets directly, a marked shift considering the company’s previous challenges in enabling Bitcoin withdrawals in the U.S. This capability signifies a mature evolution of its cryptocurrency operations.
Despite regional geopolitical tensions, Dubai remains a significant financial center, with the DIFC recently surpassing 10,000 active registered companies. Esteemed firms, such as Citadel, continue to establish a presence there. The DIFC also opened a new tower complex in March, providing 600,000 square feet of commercial space, which includes tenants such as Deutsche Bank and Moody’s. Furthermore, the exclusive trading firm Maven announced its decision to close its New York office in favor of expanding its operations to Dubai.
The DIFC offers robust competition, with 72 authorized intermediaries registered as of March 31. Several cryptocurrency exchanges have also secured licenses from the independent regulator governing crypto assets in Dubai.
As Robinhood prepares for its entry into this vital market, specifics regarding the countries it aims to serve, pricing structures, and the criteria for defining an “accredited investor” — which will influence the potential market size — remain undisclosed.
