With ADGM regulatory backing
With the United Arab Emirates (UAE) cementing its status as a global fintech and crypto hub, newly launched homegrown platform BurjX is positioning itself to become a major player in the digital asset space.
BurjX enters the regional crypto market at a time when investor appetite is growing but scrutiny is tightening. Its strategy of operating under the oversight of Abu Dhabi Global Market (ADGM) gives it a potential edge in terms of compliance and credibility.
By targeting both underbanked markets, such as North Africa, and established sectors, like the Arabian Gulf real estate, the firm, having secured regulatory approval from the Financial Services Regulatory Authority of ADGM, aims for a diversified and regional footprint. Its focus on long-term profitability and trust-driven infrastructure may provide stability in an industry still defined by volatility.
As more institutional capital moves toward the Middle East, BurjX appears to be positioning itself at the crossroads of local knowledge and global ambition.
In an exclusive, wide-ranging interview, Omar Abbas, CEO and Co-Founder of BurjX, discusses the company’s origins, why Abu Dhabi—not Dubai—was chosen as its regulatory base, and the opportunities the team sees across the Middle East and North Africa (MENA) region.
Abbas discusses the firm’s focus on compliance, the importance of trust in cryptocurrency trading, and how BurjX plans to support sectors like real estate with secure and fast settlement infrastructure. He also reflects on the challenges of launching a startup in a tightly regulated environment.
He outlines the firm’s near-term priorities, which include achieving profitability, expanding the product line, and exploring strategic partnerships as it moves toward its long-term goal of becoming a leading digital asset platform in the region.
Excerpts from the interview, which have been edited for brevity and clarity:
Middle East News 247: What is BurjX, and how did the name come about?
Omar Abbas: It took us a while to get there. Adam Ferris [Co-Founder & Chairman of BurjX] and I visited the UAE around New Year’s. We were drawn to the country immediately. It felt like it was in growth mode, and we could see it [Abu Dhabi] becoming one of the world’s leading capitals.
We knew we wanted to create something native to the MENA region. Adam suggested we include “Burj” in the name—something iconic, symbolising growth and progress. Later one night, I asked: “What about BurjX?” Adam replied that he loved it.
It felt right. The name was short, clean, and meaningful. It represented what we were building—a crypto platform born in the Middle East, with ‘X’ signifying the potential for exponential growth and innovation.
Watch the video here:
Middle East News 247: You are entering a very competitive market in the UAE. Do you believe you have a first-mover advantage, and how do you differentiate yourselves from global players?
Omar Abbas: The key difference is our local expertise. Many platforms are expanding into the UAE, but we are building from within. That changes everything—from how we engage with local banks to how we approach compliance.
Our app and trading platform are designed specifically for the UAE and the broader MENA market. Our team, based entirely in Abu Dhabi, has hands-on experience in building crypto platforms locally. This local knowledge, deeply rooted in the unique financial landscape of the MENA region, is what distinguishes us.
Middle East News 247: What are the strategic advantages of BurjX being based in Abu Dhabi?
Omar Abbas: The strategic advantages of being based in Abu Dhabi are significant. It was the first jurisdiction globally to introduce a virtual asset regulatory framework through ADGM, a testament to its leadership in the financial sector. This kind of regulatory backing not only enables us to operate with credibility but also provides a strong foundation for scaling.
When major institutions from the US or elsewhere look to expand into the region, Abu Dhabi is usually the first place they consider. This regulatory standing in a respected financial centre like Abu Dhabi instils confidence in our operations.
Middle East News 247: Most world-class crypto space entities focus on Dubai. Why not set up there?
Omar Abbas: Dubai is a leading fintech centre, no question. But for us, ADGM provided a more precise and more structured path as a regulator. It is not just about being in a major city—it is about having a regulatory environment that allows us to operate with the highest level of trust.
We believe that ADGM provides us with that. It also sets a higher standard for compliance and quality, which we think is essential for longevity in this space.
Middle East News 247: You often reference MENA rather than just the Middle East. Why the broader focus?
Omar Abbas: North Africa is an underdeveloped market in terms of financial infrastructure. Many people there do not have access to traditional banking systems like we do in the Arabian Gulf.
That creates an opportunity for crypto to provide meaningful financial solutions. The ability to move money efficiently and securely can have a significant impact. While the Arabian Gulf has substantial economic power, North Africa has a larger scale and a pressing need for development. Both are important to us.
Middle East News 247: In Dubai, real estate and cryptocurrency have begun to intersect. Do you see a role for BurjX in this respect?
Omar Abbas: Absolutely. The real estate market is already seeing clients who want to transact using crypto. We can offer real estate firms a secure, regulated platform to manage those transactions.
Whether a client wants to buy property with cryptocurrency or a firm needs to off-ramp funds into the local banking system, we provide a safe and quick pathway to do so. We are integrated into the UAE’s banking infrastructure, and we operate as a regulated custodian. That makes a big difference in terms of both speed and trust.
Middle East News 247: How do you view the current state of the crypto market?
Omar Abbas: It is still early. Yes, Bitcoin has been around for more than a decade, but the asset class as a whole is just beginning to mature. The regulatory landscape is evolving, user adoption is growing, and new use cases are emerging.
By establishing ourselves now, under a serious regulator, we are building on solid ground. We believe there is substantial room for growth ahead.
Middle East News 247: How do you plan to scale over the next 12 months?
Omar Abbas: Our focus is clear. For the first year, we are prioritising profitability and managing our burn rate.
Many startups run into trouble because they scale before stabilising. We are taking a different approach. We want to be efficient, profitable, and cash flow positive before we expand. This financial strategy, focused on sustainability and profitability, will establish a strong foundation for future growth.
Once we have that foundation, we will start rolling out new products and exploring expansion opportunities. But first, we are focusing on delivering a basic, high-quality spot trading product that the market needs.
Middle East News 247: What challenges have you and Adam Ferris faced getting BurjX to this point?
Omar Abbas: There are a few homegrown platforms in the UAE. Most of the prominent companies you see in the country are foreign entities expanding into the market. We had to build from scratch. That meant navigating the ADGM’s regulatory process, which is thorough and rigorous.
It took us years and required significant financial and human resources. We ran out of money multiple times. We had to go back to friends, family, and investors to keep things moving.
There were moments when things almost did not happen. However, we stayed focused, continued to build, and developed a strong relationship with the regulators. That trust has been essential, and it is a testament to our commitment to operating within the highest standards of compliance.
Middle East News 247: Investors can be cautious, especially in crypto. What advice would you offer to those seeking to enter the field?
Omar Abbas: The cryptocurrency landscape remains volatile, and regulation is crucial. Our advice is to look for platforms that prioritise compliance and security. At BurjX, we are not here to tell people which coins to buy.
However, we aim to provide a platform where both younger retail investors and larger institutions can access a diverse range of assets safely and securely.
We are launching with over 100 listed tokens from day one. That includes large-cap, mid-cap, and smaller projects. It is about giving investors a choice within a regulated environment.
Middle East News 247: You have worked with regulators in Canada and observed the US system. How does the UAE compare?
Omar Abbas: The UAE’s regulators are far ahead in terms of mindset. They are open to collaboration, want to understand the technology, and are willing to move quickly. That is not always the case elsewhere.
In Canada, for example, regulation is more cautious. In the US, it can be adversarial. In the UAE, the authorities recognise that the financial future is digital, and they are collaborating with firms like ours to build it securely. That is why we are seeing a lot of capital flowing into the UAE.
Investors and founders want to operate in environments where innovation is supported, not hindered.
Hero image: Omar Abbas, Co-Founder of BurjX. Credit: Arnold Pinto
