Robinhood Markets has secured a license from the Dubai Financial Services Authority (DFSA) to offer retail trading and custody services across 10 asset classes, including bitcoin, other cryptocurrencies, equities, ETFs, and investment tokens. The company plans to launch its operations in the Middle East in 2027 through a new office at the Dubai International Financial Centre (DIFC), which will also serve as its regional headquarters for the Middle East and North Africa.
Dubai hub and leadership
Salah Kaddoura has been appointed as the senior executive officer and president of Robinhood MENA. Under DFSA regulations, this role designates him as the key contact for local regulators and places him in charge of assembling the Dubai-based team in preparation for the regional rollout.
Vlad Tenev, chairman and CEO of Robinhood, commented in the company’s statement, “The DIFC is one of the world’s most important financial hubs, and our expansion there brings us closer to building a global platform that enables anyone, anywhere to own the highest quality financial assets.”
Vlad Tenev emphasized Robinhood’s international ambitions, noting that the Dubai move will advance the company’s goal of building a global investment platform through one of the world’s top financial centers.
The DIFC functions as a special economic zone within Dubai, attracting numerous international banks and financial companies due to its regulatory environment and business infrastructure.
Mini dictionary: DFSA, or Dubai Financial Services Authority, is the independent financial regulatory agency of the DIFC, responsible for licensing and overseeing financial services firms in this special economic zone.
Global expansion and new features
Robinhood’s Dubai license adds to a series of recent international moves. The US-based brokerage expanded into the UK in 2024, began full European Union operations last year, received in-principle approval for brokerage services in Singapore in April, and acquired Canadian crypto platform WonderFi in June. Back in its domestic market, Robinhood has also introduced weekend trading and perpetual futures, and now counts over one million customers outside the US.
Johann Kerbrat, general manager for crypto and international business at Robinhood, framed the company’s move to Dubai as a response to rising retail investor interest in the region. Earlier this month, Kerbrat revealed that Robinhood placed $25 million of bitcoin on its corporate balance sheet, marking the first time the firm held BTC as a principal asset rather than solely for customers.
With the DFSA’s approval, Robinhood is permitted to offer direct custody of client digital assets in the region, rather than only facilitating trading. This clearance represents a notable step in Robinhood’s development of its crypto services, particularly given the significant time it took to allow bitcoin withdrawals for US customers.
Kerbrat pointed to growing retail interest in the Middle East and highlighted that Robinhood will provide custody of digital assets from its launch in Dubai, distinguishing itself from earlier US market strategies.
Dubai’s financial landscape and increased competition
Dubai continues to expand its role as a global financial center despite regional geopolitical challenges. The DIFC, having surpassed 10,000 active registered firms this year, has attracted major international companies including Citadel, Deutsche Bank, and Moody’s. Recently, the center opened further commercial space, indicating ongoing growth.
Proprietary trading firm Maven reportedly decided to close its New York office this week as it reallocates resources to Dubai, highlighting the city’s increasing appeal for financial businesses.
Robinhood faces significant competition in Dubai’s financial sector. As of March 31, the DIFC listed 72 authorized brokerages, alongside several crypto-focused exchanges holding separate licenses from Dubai’s Virtual Assets Regulatory Authority.
The company has yet to announce details about the specific countries it will initially serve, its pricing structure, or eligibility requirements for investors. These factors will ultimately shape Robinhood’s reach in the region.
