BitGo MENA launches electronic trading services in Middle East

BitGo MENA FZE, a subsidiary of BitGo Holdings, Inc. (NYSE: BTGO), announced the launch of electronic trading services in the Middle East and North African region. The service operates under the company's Broker-Dealer license from Dubai's Virtual Assets Regulatory Authority.

The electronic trading platform combines with BitGo MENA's existing over-the-counter trading services to provide institutional clients with comprehensive trading solutions. The service sources liquidity from exchanges and liquidity providers to execute trades for institutional clients in the region.

BitGo MENA's electronic trading allows clients to execute trades while assets remain held with BitGo MENA Custody FZE, creating separation between execution and custody functions under respective regulatory licenses. The custody service includes insurance coverage up to $250 million.

"The Middle East and North Africa has quickly become one of the most exciting regions in the world for digital assets, with regulators, institutions, and innovators moving with real purpose," said Mike Belshe, CEO and Co-founder of BitGo.

The launch expands BitGo MENA's regulated services under VARA oversight. BitGo MENA currently serves exchanges, platforms, hedge funds, and asset managers in the region through its Dubai-based operations.

The company stated that the UAE's regulatory framework and VARA's licensing structure have supported development of institutional digital asset markets in the region. BitGo MENA operates as a locally-structured entity to serve institutional clients.

Information in this article is based on a press release from BitGo Holdings, Inc.

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