The future of cryptocurrency in the MENA region is evolving rapidly, with UAE-based digital asset brokerage BurjX announcing a regulatory milestone. The firm has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), bringing it a step closer to obtaining a full Financial Services Permission (FSP) to operate as a fully licensed trading and custody platform.
This development amplifies BurjX’s goal of establishing an institutional-grade digital asset platform built on trust, transparency, and regulatory compliance. As ADGM is recognized for creating the world’s first comprehensive virtual asset regulatory framework, the approval signals growing confidence in BurjX’s operations and long-term vision.
“This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,” said Omar Abbas, Co-Founder and CEO of BurjX. “Secure, institutional-grade custody is the foundation of a trusted trading platform, and the MENA region is ready for it. As BurjX moves toward final regulatory approval, we are reimagining crypto trading – seamlessly integrating cutting-edge security with a frictionless trading experience in a single, unified platform.”
Echoing this sentiment, Adam Ferris, Co-Founder and Chairman of BurjX, emphasized the company’s commitment to raising the standards of digital asset management. “This milestone is just the beginning. We’re building something that doesn’t just meet the highest security and regulatory standards – it’s about raising the bar for enterprise-grade custody, compliance, and market integrity. BurjX is shaping the future of responsible digital asset trading.”
Founded with the aim of bringing North American expertise to the MENA region’s dynamic crypto environment, BurjX is backed by an experienced leadership team. Abbas, also a co-founder of NDAX – Canada’s leading cryptocurrency exchange – brings more than a decade of experience in fintech and traditional banking. Ferris, a Harvard JD/MBA and former Goldman Sachs executive, brings a strong background in high-growth financial and tech markets.
Their vision is well-aligned with the region’s trajectory. In 2024, MENA was ranked the world’s seventh-largest crypto market, with an estimated value of $338.7 billion, accounting for 7.5% of global transaction volume. BurjX plans to harness this momentum, aiming to set new benchmarks for institutional crypto trading across the region.
As it advances toward full regulatory approval, BurjX positions itself at the forefront of MENA’s digital asset revolution, bridging traditional finance with the future of crypto.
