Proxima Eight FZE LLC
Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates
Business Centre, Sharjah Publishing City Free Zone, Sharjah, United Arab Emirates
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How a VARA-Licensed Crypto Brokerage Opened a Business Account with ADIB in Record Time
Opening a bank account for a crypto company in the UAE is particularly challenging for startups with no operational history. In this case study, we helped a VARA-licensed brokerage secure a corporate account with ADIB (Abu Dhabi Islamic Bank) — one of the UAE’s leading Sharia-compliant institutions — in just 28 days, setting a national benchmark.
UAE
9+ Years of Compliance Expertise
Project Based Delivery
Saudi Arabia
Oman
Bahrain
End-to-End Execution
Hands-on Partnership
Speed + Accuracy
Europe
The client was a newly licensed crypto brokerage under the VARA regime, but still at pre-operational stage. Major challenges included:
- No existing financial activity, employees, or transaction history
- Absence of prior banking relationships in the UAE
- ADIB’s internal concerns over aligning Sharia principles with crypto brokerage models
- Need for clear documentation of capital sources, ownership, and intended use of funds
Our Solution
We structured the onboarding strategy with ADIB around transparency, regulatory credibility, and Sharia alignment:
-
Prepared an enhanced documentation pack, including:- AML roadmap
- Source of capital and shareholder background
- VARA licensing narrative tied to real economic activity
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Framed the brokerage model in terms compatible with Islamic finance principles -
Provided clear transactional flow projections (excluding interest-based or leveraged activities) -
Managed the direct engagement with ADIB’s onboarding team and internal compliance review
The Result
- Corporate account successfully opened with ADIB
- Timeline: 28 calendar days — the fastest recorded onboarding for a licensed crypto startup in the UAE
- Enabled access to secure fiat rails within an Islamic banking framework
- Set precedent for future onboarding of compliant crypto-VASP startups in the region
Why This Case Is Important
This case demonstrates that even a startup-stage crypto business, with the right licensing and documentation, can access banking — including within traditionally conservative institutions like ADIB. It also proves the compatibility of Islamic banking models with regulated VA operations, when structured correctly.
Why AML Zone?
- Deep crypto compliance expertise→ Our core team consists of experts in AML, CTF, and virtual asset regulation, with years of crypto-specific legal and operational experience.
- Experience with real VARA cases→ We’ve successfully guided VASPs through real MVP and FMP license applications — with practical insights into what VARA expects.
- Clear pricing and deadlines→ Fixed project-based fees, clear deliverables at each step, and realistic timelines for each licensing phase.
- Local + global understanding→ We combine knowledge of UAE and VARA frameworks with global best practices (EU, UK, Cayman, BVI, Estonia, Lithuania)
- End-to-end service→ From preparing your IDQ, risk matrix, and AML manual to structuring your Board and hiring a qualified MLRO — we handle it all.
- Multilingual subtitles
→ Documentation and communication available in English, Russian, and Arabic — seamless support across cultures.
Frequently Asked Questions
Yes — if the business model aligns with Sharia principles and is clearly documented.
Not by default, but they accept select licensed firms that present a strong compliance case.
Typically 6–10 weeks. This case was closed in 28 days — a record.
Not necessarily. With the right compliance structure, even startups can onboard.
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