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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VARA-Licensed Crypto Exchange Open a Zand Bank Account in the UAE | AML Zone
Opening a bank account for a crypto company in the UAE is a complex process — especially under the VARA regulatory framework. In this case study, we explain how we helped a Dubai-based crypto exchange startup secure a corporate account with Zand Bank, despite high-risk classification and no previous banking history.
If you're struggling to get approved by UAE banks for your virtual asset business, this case is for you.
If you're struggling to get approved by UAE banks for your virtual asset business, this case is for you.
UAE
9+ Years of Compliance Expertise
Project Based Delivery
Saudi Arabia
Oman
Bahrain
End-to-End Execution
Hands-on Partnership
Speed + Accuracy
Europe
Our client, a newly licensed crypto exchange under VARA, faced a major hurdle:
- UAE banks classified them as “high-risk”
- They had no operational history, no transaction records
- The founders were non-residents, adding to the complexity
- Even Zand’s crypto desk was reluctant to engage without a strong compliance story
Our Solution
We structured a full onboarding package and managed the relationship:
-
Rebuilt the company’s licensing narrative for the bank -
Provided full source of funds, corporate structure, and shareholder KYC -
Designed a transactional roadmap in line with VARA compliance -
Engaged with the Zand corporate crypto desk through our network -
Highlighted governance and risk-mitigation measures
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
Zand, Wio, Mashreq, and some offshore banks. Approval depends on license and compliance level.
Yes, Zand has a dedicated crypto desk for regulated entities (e.g., VARA, FSRA, ADGM).
Yes — if your business model and compliance documentation meet Zand's onboarding requirements.
Timelines vary. In this case, Zand approved the account in 5 weeks. On average: 4–8 weeks.
Not always. With the right structure, even non-resident founders can onboard successfully.
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