Robinhood Markets has won approval from the Dubai Financial Services Authority (DFSA), allowing it to provide cryptocurrency trading including bitcoin, stock trading and digital asset custody services in the Middle East.

Bitcoin Magazine and other outlets reported on Oct. 22 that Robinhood plans to establish a base in the Dubai International Financial Centre (DIFC) in 2027 and begin services for the Middle East and North Africa (MENA) region.

The approval includes retail investor trading and custody services for 10 asset classes, including bitcoin and other cryptocurrencies, stocks, exchange-traded funds (ETFs) and investment tokens. It goes beyond brokering trades and allows the company to directly hold customers' digital assets.

Robinhood appointed Salah Kaddoura (살라 카드두라) as head and senior executive of Robinhood MENA. The role is recognised by the DFSA, and Kaddoura will handle communication with local regulators and build the Dubai organisation ahead of the service launch.

Vlad Tenev (블라드 테네프), Robinhood chairman and chief executive officer, said the DIFC is one of the world's major financial hubs and that the move brings the company a step closer to building a global platform that allows anyone to hold quality financial assets from anywhere.

The expansion is part of Robinhood's strategy to grow its overseas business. Robinhood entered the UK in 2024 and began full services in the European Union last year. In April it received in-principle approval for brokerage services in Singapore, and in June it completed the acquisition of Canadian crypto platform WonderFi. In the United States, it added weekend trading and perpetual futures products in September. The company said it has more than 1 million customers outside the United States.

Johann Kerbrat (요한 케르브라트), head of Robinhood crypto and international, cited a rise in retail investors in the Middle East as the backdrop to the Dubai move. Kerbrat also disclosed on Oct. 7 last year that Robinhood held $25 million worth of bitcoin, about 33 billion won, as company assets rather than customer assets.

The fact that the DFSA also approved custody of customers' digital assets is drawing attention. Robinhood took years to support bitcoin withdrawals in the United States, but in Dubai it will be able to directly hold customer assets from the service launch stage.

The DIFC, where Robinhood is expanding, is sustaining growth despite uncertainty in the regional situation. The number of registered active companies exceeded 10,000 this year, and a new 600,000-square-foot commercial space opened in March. Bloomberg reported that Deutsche Bank and Moody's are among the tenants, and that proprietary trading firm Maven said it would close its New York office this week and shift its business centre to Dubai.

Competition is expected to be intense. As of March 31, 72 licensed brokerages were registered in the DIFC, and cryptocurrency exchanges licensed by Dubai's separate regulator, the Virtual Assets Regulatory Authority (VARA), are also operating.

Robinhood has not yet disclosed the countries targeted for its service launch, its fee structure, or detailed criteria for 'qualified investors'. The potential market size it can actually target is expected to vary depending on how it defines the scope of qualified investors.