Latest news with #FinancialServicesPermission
Mid East Info
18 hours ago
- Business
- Mid East Info
BurjX Secures FSRA License, Launches ADGM-Regulated Trading Platform with 100+ Digital Assets - Middle East Business News and Information
BurjX, the UAE-born digital asset trading platform, has officially secured its Financial Services Permission from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of Abu Dhabi, the Capital of the UAE, for brokerage and custody activities. In a landmark achievement, BurjX becomes a fully regulated digital asset brokerage platform to offer and support trading of over 100 digital assets, setting a new standard for market access, regulatory depth, and product breadth in the region. The UAE's cryptocurrency market is projected to generate US$395.9 million in revenue in 2025, with the user base expected to reach 3.88 million by 2026 . With nearly one-third of the population set to own crypto within the next year, the UAE ranks among the highest adoption rates globally. BurjX is setting the benchmark for what a regulated, homegrown platform can be. A Mission Born in the UAE, Led by Its Founders 'We came to the UAE to build something that reflects the future of this region: regulated, trusted, and globally competitive,' said Omar Abbas, Co-Founder and CEO of BurjX, who previously co-founded NDAX, Canada's leading crypto exchange. 'Securing our FSRA license and launching with 100+ assets is proof of what's possible when you build with conviction from the ground up. We're not another imported platform entering the UAE. We're a homegrown one, built here to lead globally.' 'It's rare to see a startup go live with this level of regulatory and technical execution,' said Adam Ferris, Co-Founder and Chairman, a Harvard JD/MBA graduate who previously held key roles at Goldman Sachs. 'This launch validates the strength of our infrastructure, the caliber of our team, and our ambition to position BurjX as a global player from day one.' As part of its governance framework, BurjX has appointed Dr. Ryan Lemand to its Board. A former Binance board member and ex-Head of Risk at UAE's Securities and Commodities Authority (SCA), he brings deep expertise in regulation, digital assets, and institutional finance. Trade 100+ Tokens with Instant AED On-Ramps Powered by Zand: BurjX makes it easy to go from dirhams to digital assets in seconds. Integrated with UAE banking rails through Zand Bank, users can instantly fund their accounts in AED and trade over 100 tokens within seconds, all under the oversight of ADGM's world-leading virtual asset framework. As one of the region's first true fiat-to-crypto bridges, BurjX offers frictionless access to digital markets that is secure, seamless, and proudly UAE native. Regulated, Institutional-Grade Custody: As one of the few platforms in the region licensed for both brokerage and custody, BurjX combines the strength of ADGM's virtual asset regime with the speed of institutional-grade infrastructure. Built on NASDAQ-grade systems that process over 1 million transactions per second and secured by Fireblocks' MPC wallet technology, BurjX offers fast execution, deep liquidity, and secure custody on a single, unified platform. From first-time traders to institutions, every transaction is backed by multi-layer governance, comprehensive insurance across hot and cold wallets, and robust regulatory oversight. A New Standard in Private Wealth: For family offices, institutions, and high-net-worth clients seeking a more bespoke experience, BurjX has launched its Private Client Division – delivering white-glove OTC services, tailored execution, dedicated relationship coverage, and access to one of the most extensive digital asset offerings in the region. Designed for sophisticated investors, it empowers them to build high-conviction, diversified portfolios with clarity, control, and confidence. What's Next for BurjX: With its launch now official, BurjX is entering a new phase of growth; focused on scaling across the UAE and the broader MENA region, while doubling down on its core pillars: security, simplicity, and regulatory strength. With rising adoption from retail users, growing demand from private wealth clients, and deep liquidity across 100+ assets, BurjX is positioned to be the Middle East's homegrown on-ramp to the global crypto economy. About BurjX: BurjX is a UAE-born digital asset brokerage and custodian, fully licensed by the Financial Services Regulatory Authority of ADGM, the international financial centre of Abu Dhabi. Founded by Omar Abbas, co-founder of NDAX, and Adam Ferris, a Harvard JD/MBA and ex-Goldman Sachs, BurjX offers institutional-grade trading and custody, seamless AED on and off ramps, and multi-layer security infrastructure. Built for trust and performance, BurjX is redefining how the region engages with digital assets and setting a new benchmark for regulated, homegrown innovation.
Al Etihad
a day ago
- Business
- Al Etihad
BurjX, fully home-grown digital trading platform, goes live
21 July 2025 13:11 A. SREENIVASA REDDY(ABU DHABI)A fully home-grown digital trading platform — BurjX — has gone live in the UAE after securing Financial Services Permission from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of Abu platform, which was launched at a recent event in Abu Dhabi, allows users to trade in over 100 digital assets with seamless access through UAE bank to Aletihad on the sidelines of the launch, Omar Abbas, Co-Founder and CEO of BurjX, said: 'We were focused on building something for the UAE, for the MENA market. There are a lot of competitors entering this market, but we are building something from scratch for the UAE. We're not an exchange that's trying to enter this market and capture market share.'Highlighting the platform's user-friendly approach, Abbas added: 'Our product is tailored for both retail and institutional traders. We've made it super simple, where first-time traders can connect directly, and signup is instant. You can trade directly in any of 100 digital assets by routing dirhams from your local account.'BurjX, now officially licensed for both brokerage and custody services, aims to set a new benchmark for regulatory depth and digital asset access in the region. It is integrated with Zand Bank to offer instant dirham on-ramps, enabling users to fund accounts in seconds and begin trading immediately under ADGM's regulatory who previously co-founded Canada's leading crypto exchange NDAX, said the FSRA licence and launch with over 100 digital assets proved 'what's possible when you build with conviction from the ground up.'Co-founder and Chairman Adam Ferris, a Harvard JD/MBA graduate and former Goldman Sachs executive, said: 'This launch validates the strength of our infrastructure, the calibre of our team, and our ambition to position BurjX as a global player from day one.'BurjX is also one of the few platforms in the region licensed for both brokerage and custody, offering NASDAQ-grade execution systems, Fireblocks' MPC wallet technology, and institutional-grade infrastructure. It combines fast execution and deep liquidity with multi-layer governance and comprehensive insurance across hot and cold serve private wealth clients, BurjX has launched a dedicated Private Client Division offering bespoke OTC services and tailored digital asset solutions. As part of its governance framework, BurjX has appointed Dr Ryan Lemand — a former Binance board member and ex-Head of Risk at the UAE's Securities and Commodities Authority — to its Board. With the UAE's crypto user base projected to reach nearly four million by 2026 and adoption among the highest globally, BurjX aims to become the Middle East's homegrown bridge to the global crypto economy.
Fintech News ME
a day ago
- Business
- Fintech News ME
BurjX Becomes Fully Regulated Crypto Platform Under ADGM Framework
BurjX, a digital asset trading platform founded in the UAE, has received Financial Services Permission from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) for brokerage and custody operations. With this approval, BurjX becomes a fully regulated platform offering trading in over 100 digital assets. This milestone positions it as one of the few platforms in the region licensed to provide both brokerage and custody services under ADGM's virtual asset regulatory framework. Nearly one-third of the UAE population is projected to hold crypto assets within the next year, placing the country among the highest global adoption rates. 'Our aim was to build something that reflects the future of this region: regulated, trusted, and globally competitive,' said Omar Abbas, Co-Founder and Chief Executive of BurjX, who previously co-founded NDAX, a major Canadian crypto exchange. 'Securing our FSRA licence and launching with more than 100 assets is proof of what is possible when you build with conviction from the start. We are not another imported platform entering the UAE. We are a homegrown one, built here to lead globally.' The platform allows users to convert UAE dirhams to digital assets through integration with local banking infrastructure via Zand Bank. This enables near-instant funding in AED and access to over 100 tokens, all under ADGM's regulatory oversight. BurjX is built on institutional infrastructure capable of processing over one million transactions per second. It uses Fireblocks' multi-party computation wallet technology for custody and offers insurance coverage for both hot and cold wallets. The platform is designed to serve retail and institutional users with a focus on transaction speed, security, and liquidity. For high-net-worth individuals and institutional clients, BurjX has introduced a Private Client Division. This division provides over-the-counter services, tailored execution, and dedicated client coverage. Following its official launch, BurjX plans to expand across the UAE and the wider MENA region. The company will continue to prioritise security, regulatory compliance, and accessibility as it scales its operations.
Gulf Today
5 days ago
- Business
- Gulf Today
ADGM Academy partners with PGIM to advance sustainable technology
ADGM Academy (ADGMA) has partnered with PGIM, the global investment management business of Prudential Financial, to launch the RealAssetX Abu Dhabi Innovation Centre - a cutting-edge lab dedicated to advancing sustainable technology, artificial intelligence (AI), and deep tech within the real asset industry. Set to open in September this year at the ADGM Academy offices, the centre will bring together global expertise to tackle the most pressing challenges and opportunities in real estate, infrastructure, smart cities, and related sectors. The announcement follows the strategic partnership formed between PGIM and the Abu Dhabi Investment Office (ADIO) announced in December last year to support the establishment of the centre. The RealAssetX Abu Dhabi Innovation Centre will focus on three key areas: climate technologies, advancing decarbonisation and environmental resilience; AI-driven decision-making, enhancing asset management and investment strategies through advanced analytics; and breakthrough applications, exploring blockchain for real estate, smart infrastructure systems and advanced materials. PGIM and ADGMA will jointly guide and oversee the centre's strategy and operations, as it delivers research, ideation labs, hackathons, pitch competitions, and incubator and accelerator programmes. Alessandro Borgogna, Advisor - Cluster Planning and Development at ADIO, said, 'Abu Dhabi is driving the next stage of innovation by integrating AI, sustainability, and digital transformation across global industries. RealAssetX Abu Dhabi demonstrates our commitment to strengthening the financial services sector and positioning the emirate as a launchpad for deep tech solutions that deliver value at scale.' Mansoor Jaffar, CEO at ADGM Academy and Research Centre, said, 'We are committed to building a vibrant ecosystem that nurtures early-stage ventures and accelerates breakthrough technologies in real assets. Our partnership with PGIM, supported by ADIO, will enable the RealAssetX Centre to drive innovation, support sustainable development, and position Abu Dhabi as a global hub for deep tech and smart infrastructure.' Mohammed Abdulmalek, Head of the Middle East at PGIM, commented, 'By combining PGIM's global investment expertise with ADGMA's commitment to talent and technology, we are creating a platform that will drive sustainable growth, unlock new value, and position the region at the forefront of deep tech and AI-driven transformation.' Meanwhile in September, 2024, PGIM, the global investment management business of Prudential Financial, has received Financial Services Permission (FSP) to operate in Abu Dhabi Global Market (ADGM) and has opened a new office in Abu Dhabi, located in the city's financial district. Establishing its local entity marks PGIM's formal entry into the Middle East market, underscoring its commitment to serving institutional and professional clients in the region. PGIM is dedicated to providing innovative investment strategies and comprehensive client advisory services to regional investors, helping them navigate market complexities and achieve their financial goals. Arvind Ramamurthy, Chief of Market Development at ADGM, said, 'We are proud to welcome PGIM, one of the largest asset management companies in the world, to one of the largest financial districts in the world — ADGM. PGIM's expansion into Abu Dhabi marks an important milestone in leveraging its unparalleled expertise and comprehensive range of services alongside ADGM's robust ecosystem to unlock a wealth of investment opportunities in the region. Their role in driving growth and innovation in the region will strengthen ADGM's position as a global financial powerhouse.' Mohammed Abdulmalek, Head of the Middle East for PGIM and Chairman of the newly established local entity, commented, 'PGIM is well-equipped to offer bespoke investment solutions that align with the region's economic growth and transformation.' 'Abu Dhabi remains a key market for us, and the establishment of our new legal entity in ADGM emphasises our ongoing dedication to our presence in the UAE and our commitment to the Middle East. I look forward to leading PGIM's efforts in delivering value to our clients and contributing to the financial landscape of the UAE.' ADGM, the international financial centre of the UAE capital, announced the appointment of Rashed Abdulkarim Al Balooshi as Chief Executive Officer of ADGM's Registration Authority (RA), effective immediately. The appointment reflects ADGM's ongoing commitment to bolstering its leadership team and accelerating the execution of its strategic mandate, in alignment with Abu Dhabi's long-term economic vision. WAM
Arabian Post
06-07-2025
- Business
- Arabian Post
Primrose Capital Gains Strategic Regulatory Window in Abu Dhabi
Primrose Capital Management has obtained in‑principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, marking the inception of its journey toward a full Financial Services Permission. The clearance paves the way for the Singapore‑based quantitative trading firm to establish a regulated presence in the UAE's leading international financial centre, offering data‑driven investment products to regional institutional investors and family offices. Approval from the FSRA is a key hurdle for asset managers seeking to operate within ADGM's regulated framework. For Primrose, this milestone enables the deployment of its machine‑learning‑powered strategies—including global futures, options and digital‑asset derivatives—targeted specifically at family offices and sovereign investors in the Gulf. The move aligns with the growing trend of Gulf capital allocated to systematically managed hedge‑fund structures. Primrose's Chief Investment Officer, Linus Ong, underscored the importance of regulated access. He stated that the clarity of ADGM's technology‑oriented rulebook provides assurance as the firm scales its operations, maintaining robust governance and client protection. He described the IPA as 'an important vote of confidence' in Primrose's investment model and its team. ADVERTISEMENT The approval enables Primrose to deepen capital market linkages between Singapore—its headquarters—and Abu Dhabi. With Gulf family offices managing over US$500 billion, there is rising appetite for transparent, risk‑managed products. Primrose intends to launch MENA‑domiciled feeder funds in the latter half of 2025, providing local investors with direct access to its flagship Global Multi‑Strategy and Digital Options programmes. As it progresses toward full FSP status, Primrose plans to recruit portfolio‑engineering and client‑coverage specialists to its Abu Dhabi office. The expansion supports ADGM's goal of scaling its fintech and asset‑management ecosystem, and complements Abu Dhabi's strategy to position itself as a regional hub for innovation in both traditional and digital assets. ADGM has been actively promoting its jurisdiction as a forward‑looking centre. From adopting English common law to establishing a bespoke regulatory framework for digital asset intermediaries, the authority seeks to balance innovation with investor protection. The in‑principle nod to Primrose underscores the regulator's willingness to support quantitative and technology‑centric financial firms. The IPA is not Primrose's first engagement with ADGM. Earlier approvals, such as VersiFi's clearance for digital‑asset trading, attest to the FSRA's evolving regulatory regime aimed at market integrity and security. Firms granted IPA are expected to meet stipulated conditions before earning full licences, ensuring measured market entry. Primrose Capital, founded in 2023, combines expertise from established quantitative hedge funds with digital‑asset innovation. Its founders include seasoned professionals from WorldQuant, Systematica, QCP and BlueCrest. The firm utilises proprietary machine‑learning infrastructure and rigorous risk‑management frameworks to deliver consistent performance across market cycles. The Singapore‑Abu Dhabi corridor reflects broader strategic cooperation in capital‑markets and fintech. Regulatory harmony and mutual recognition across jurisdictions empower firms like Primrose to tap multiple pools of investor capital. The IPA feature reinforces the nascent but growing pipeline of cross‑border asset‑management activity in the Middle East. That said, Primrose's approval emerges amid intensifying competition. ADGM has recently granted IPAs to a number of digital‑asset and commodity trading firms, all vying to serve Gulf‑based institutional investors. These include entities such as VersiFi, underscoring ADGM's ambition to assemble a diversified financial‑technology cluster. The road ahead will require Primrose to meet various conditions set by FSRA, ranging from governance protocols and risk‑management systems to client‑onboarding processes and capital adequacy. Close collaboration with ADGM is expected over the coming months. Once full FSP status is awarded, Primrose will be authorised to market its full suite of strategies and legally establish feeder‑fund vehicles. For ADGM, facilitating the entry of technology‑first managers is central to its mission. Its regulatory architecture—as seen in previous licences granted—strives to balance innovation with investor safeguards. With IPAs converted to full permissions, ADGM stands to solidify its standing as a premier hub for fintech, digital assets and quantitative finance in the Middle East. Primrose's timing is opportune. Market indicators suggest digital‑asset derivatives and quant‑trading strategies are gaining acceptance among Gulf investors seeking diversified returns and capital‑efficiency. By positioning itself early through regulated access, Primrose hopes to capture a segment of the growing systematically‑oriented asset‑management market.
