The future of crypto in MENA is taking shape. BurjX, a UAE-based digital asset brokerage, announced today that it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This marks a key regulatory milestone as BurjX moves towards securing its Financial Services Permission (FSP) to operate as a fully regulated, institutional-grade trading and custody platform.
As the pioneer of the world’s first comprehensive virtual asset regulatory framework, ADGM’s approval reinforces BurjX’s commitment to building a next-generation platform founded on trust, transparency, and institutional adoption in MENA.
A New Era for Crypto in MENA
“This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,” said Omar Abbas, Co-Founder & 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.”
Adam Ferris, Co-Founder & Chairman of BurjX, underscored the company’s vision: “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.”
Wall Street Meets MENA: The Next Crypto Powerhouse
BurjX was founded to bring North American expertise into MENA’s rapidly growing crypto landscape. Omar Abbas, co-founder of NDAX – Canada’s leading cryptocurrency exchange, has over a decade of experience in fintech, banking, and digital assets. He’s worked at Canada’s top banks, bridging traditional finance with the rise of crypto markets. Adam Ferris, a Harvard JD/MBA who previously held key roles at Goldman Sachs, has deep expertise in high-growth financial and technology markets, strengthening the team’s strategic leadership and expansion capabilities.
Recognising the immense potential of the MENA region – ranked as the seventh-largest crypto market globally in 2024, valued at an estimated $338.7 billion and accounting for 7.5% of the world’s total transaction volume – they’ve assembled a team of seasoned experts to reshape the crypto landscape and setting a new standard for digital asset trading.
Raising the Bar for Regulated Crypto
With final regulatory approval on the horizon, BurjX is preparing to launch later this year, bringing a full suite of digital asset trading and custody solutions to market. Designed for retail, professional, and institutional traders, the platform provides secure fiat on/off-ramps, deep liquidity, and advanced execution tools – all within a tightly governed and fully compliant framework.
At the heart of BurjX’s security framework is its integration with Fireblocks, the global leader in digital asset custody. By leveraging Fireblocks’ multi-party computation (MPC) technology and cutting-edge security protocols, BurjX ensures institutional-grade asset protection, secure transfers, and real-time risk management – setting a new benchmark for safeguarding digital assets in MENA.
Strengthening its security-first approach, BurjX has secured market-leading insurance coverage, offering comprehensive protection for client and operational assets against a range of potential risks, ensuring resilience and trust in its platform.
