BurjX has secured In-Principle Approval from the Financial Services Regulatory Authority of ADGM, aiming to operate as a fully regulated trading and custody platform. This reflects a significant step for crypto in MENA, as they focus on building trust, security, and transparency in digital asset trading. BurjX is set to launch later this year, featuring advanced security and insurance coverage for client assets.
Fast Summary
BurjX, a UAE-based digital asset brokerage, has recently received In-Principle Approval from Abu Dhabi Global Market’s Financial Services Regulatory Authority. This approval is crucial as BurjX aims to secure Financial Services Permission to function as a fully regulated trading and custody platform. Their goal is to reshape the MENA region’s crypto landscape with a secure and trustworthy trading experience.
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BurjX has made waves in the crypto industry by announcing it received In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This approval signifies a pivotal step for BurjX towards obtaining its Financial Services Permission, which is essential for its operation as a regulated platform, providing both trading and custody services. This regulatory milestone could influence the crypto scene significantly in the MENA region.
ADGM, known for having the world’s first comprehensive virtual asset regulatory framework, has made this approval possible. The move signals BurjX’s dedication to developing a next-gen platform, focusing on transparency and reliability, to promote institutional adoption of cryptocurrencies within MENA.
Omar Abbas, co-founder and CEO of BurjX, commented on this development, sharing his enthusiasm: “This is a big step, not just for us but for the entire crypto ecosystem in MENA.” He stressed the integral nature of secure custody as a cornerstone for building trust in trading platforms. As they pursue final regulatory approval, BurjX is rethinking how crypto trading works by merging top-tier security with a seamless trading experience.
Adam Ferris, the co-founder and chairman, highlighted the significance of this milestone, claiming it represents just the start. He mentioned they are keen on exceeding the highest standards in security and compliance, aiming to lift the bar for enterprise-grade custody and ensure market integrity. BurjX looks to lead in responsible digital asset trading while reshaping the industry.
Founded with the intent of integrating North American expertise into MENA’s fast-evolving crypto market, BurjX’s management team includes experienced leaders. Omar Abbas, with substantial knowledge gleaned from NDAX in Canada, has a background in fintech and banking, while Adam Ferris has an impressive history, including roles at Goldman Sachs and academic qualifications from Harvard. They are combining their strengths to enhance growth in the thriving crypto sector.
The MENA region is gaining traction in crypto, currently holding the seventh-largest market globally in 2024, approximately valued at $338.7 billion. It currently contributes to around 7.5% of worldwide transaction volume, which is pretty impressive by any measure. BurjX aims to set a new benchmark in this promising environment with their expert team.
As the launch approaches this year, BurjX is gearing up to introduce a full suite of digital asset trading and custody solutions catered to individuals and institutions alike. The platform plans to include secure fiat on/off-ramps, deep liquidity, and advanced execution tools—operating under a highly regulated, compliant framework.
BurjX emphasises its top-of-the-line security measures, having partnered with Fireblocks, a prominent figure in digital asset custody, to fortify its protection. Using Fireblocks’ multi-party computation (MPC) technology alongside advanced security protocols ensures that they provide institutional-grade asset safeguarding, secure transactions, and real-time risk management. This sets a commendable standard for safeguarding digital assets in the region.
To further bolster trust, BurjX also secured extensive insurance coverage for client and operational assets against various risks. This kind of resilience and commitment to security is essential as they prepare to launch their platform soon.
