BurjX Secures In-Principle Approval from ADGM's Financial Services Regulatory Authority - Middle East Business News and Information
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.
About BurjX:
BurjX is a UAE-based digital asset brokerage and custodian designed to bring secure, efficient, and cost-effective access to digital assets such as Bitcoin, Ethereum and Solana. Built from the ground up for MENA, BurjX is in the final stages of regulatory approval with the FSRA of ADGM, paving the
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