Egypt makes up 30 percent of Weex crypto exchange MENA customers

Egypt makes up 30 percent of Weex crypto exchange MENA customers

WEEX crypto exchange, which has over 6 million customers globally, has announced that since it started serving the MENA region in January 2025, it has witnessed expansive growth especially in countries such as Egypt, Algeria, Iraq, Morocco and Saudi Arabia.

Egypt has the highest number of users on WEEX crypto exchange making up 30 percent of their total MENA customer base, while Algeria follows at 17.3 percent, Iraq and Morocco making up 7-8 percent respectively.

Surprisingly Saudi Arabia customers are just 6.2 percent of their total MENA customer base. All numbers are founded on data up to March 31st, 2025.

While the number of customers still make up less than 1 percent of their total customer base, WEEX has showcased their commitment to the MENA region, launching their headquarters in the UAE as part of MENA expansion plans.

The Dubai headquarter currently houses 600 employees and is expected to add 50 more hires over the next two years. 

Andrew Weiner, Vice President of WEEX, stated, “We have witnessed impressive growth in our MENA customer base since we began offering our services in January 2025, this showcases the attraction that crypto has in the region especially in countries in North Africa, and the GCC. We will continue to expand our offering to support the MENA region while we seek to acquire regulatory licenses.”

He adds, “We believe that everyone should be able to access the crypto market, and that crypto will play a strong role in the economies of the future especially in the Middle East. We hope to serve our clients with the utmost security, transparency, and offering.”

WEEX already serves 6.2 million customers across 130+ countries. The crypto exchange has a daily trading volume of over $5 billion and supports more than 1,700 trading pairs. WEEX also boasts of a 1,000 BTC Protection Fund to protect users’ assets. In MENA the crypto exchange is offering Arabic language support through chatbot on their website, submitting a ticket on the website as well as through their telegram community.

Fred, MENA Regional Manager, WEEX, noted, “As traditional markets wrestle with inflation and uncertainty, crypto stands as a beacon of innovation, offering a glimpse into a more resilient, decentralized financial future.”

WEEX is currently participating and sponsoring TOKEN2049 Dubai event being held in Dubai UAE between April 30th and May 1st, 2025.

The Chainalysis 2024 crypto geography report noted that the MENA region has become the seventh largest crypto market globally. The biggest two countries being Turkey and Morocco, while the fastest growing countries were Saudi Arabia and Qatar. Saudi Arabia remained the fastest-growing crypto economy in the MENA region in 2024, growing by 154% year-over-year.

According to Statista, in Egypt, the number of users in the cryptocurrencies market is expected to reach 11.30m users by 2025. The user penetration rate is expected to be 9.72% in 2025.

UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

UAE Central Bank licenses Relm and Liva insurance to offer insurance for Web3 businesses

UAE Central Bank has licensed Relm Insurance a dedicated insurer to emerging sectors – and Liva Insurance, a GCC insurance provider to offer their dedicated multi-line insurance solution for WEB3 businesses – SIGMAWEB3, and its tailored version for Dubai’s virtual asset regulatory authority VARA-regulated companies, SIGMAWEB3 VARA.

As per the press release, this follows the signing of Relm and Liva’s strategic partnership in February 2025, aimed at empowering innovation and entrepreneurship in emerging sectors such as digital assets, biotech and AI.

The UAE Central Bank approval reinforces Relm and Liva’s commitment to deliver tailored insurance solutions that address the unique

SIGMAWEB3 and SIGMAWEB3 VARA will help create the confidence and resiliency that WEB3 innovators require to tackle complex challenges and seize new opportunities, while meeting the necessary regulatory requirements. Both products are designed specifically for digital asset companies, blockchain startups, crypto exchanges, and fintech innovators, addressing the unique and complex financial, professional, crime, and cyber exposures inherent in their operations.

SIGMAWEB3 VARA is specifically tailored to meet the requirements of Dubai’s Virtual Asset Regulatory Authority (VARA), ensuring that crypto companies can operate with compliant insurance cover.

“Securing Central Bank approval for SIGMAWEB3 and SIGMAWEB3 VARA is a significant step for brokers and clients in the UAE. This milestone facilitates more comprehensive coverage tailored to the unique risks of the Web3 space. By closing the insurance gap, we’re empowering businesses with the protection they need to innovate confidently in a rapidly evolving market” said Joseph Ziolkowski, CEO of Relm Insurance.

“SIGMAWEB3 and SIGMAWEB3 VARA represent a significant step in our commitment to supporting growth and evolution of innovation within the insurance industry. This approval from Central Bank affirms both Liva Group’s deep market insight and Relm’s expertise in specialised insurance as well as reinforcing the vital role that regulatory collaboration plays in fostering a secure and thriving digital economy. Together, we aim to provide customers with solutions that meet their evolving needs, while strengthening our commitment to scale and diversify our business.” Martin Rueegg, Group CEO of Liva Group.

A year earlier OneDegree, Asia’s licensed insurer for digital assets and Dubai Insurance Company announced the issuance of digital assets custodial risk insurance to their customers in UAE. The Central Bank of UAE approved issuance of the digital asset insurance offering.

OneDegree and Dubai Insurance partnered in 2023. Custodial risk insurance completes the product portfolio and allows the partners to offer a one-stop-shop for digital asset companies in the UAE, under the brand “OneInfinity”.

VARA, Dubai’s dedicated regulator for digital assets, requires such coverage along with professional indemnity and directors & officers insurance. With this latest approval, specialized custodial risk insurance can be offered directly in UAE for the first time. Custodial risk insurance protects companies against the risk of losing access to digital assets including through third party hacks and theft, internal fraud and physical damage to the storage media.

Laser Digital shows support for Mantra OM Token

Laser Digital shows support for Mantra OM Token

Laser Digital, a UAE regulated crypto broker and investment manager service provider, as well as an investor in Mantra Chain, the L1 Blockchain tokenization platform, has made a statement confirming their support for Mantra OM Token after its 90 percent fall in the past 48 hours.

Laser Digital noted that it had no involvement in the recent price collapse of $OM token. They stated, ” Assertions circulating on social media that link Laser to ‘investor selling’ are factually incorrect and misleading. 3/ On-chain movements of $OM linked to Laser wallets have been flagged publicly. We want to be absolutely clear: Laser has not deposited any $OM tokens to OKX. The wallets being referenced to OKX are not Laser wallets.”

The company emphasized that they are here to help grow the ecosystems they back. They stated, ” We remain fully aligned with our counterparties, and our core $OM investment remains locked. We have zero interest in putting pressure on the token or destabilizing the project. Transparency matters. We’re proud to support innovation and responsible growth in crypto markets — and that means showing up with facts when confusion and inaccurate information arises.”

This comes after Shorooq also made a similar claim with regards to Mantra Chain and its token.

UAE Zand Bank launches its crypto custodial services

UAE Zand Bank launches its crypto custodial services

UAE regulated digital Bank Zand has announced that it the first UAE bank to provide its institutional-grade Digital Asset Custody services under its banking license.

According to the LinkedIn post, “The groundbreaking offering which has been designed for corporate and institutional clients, ensures top-tier security, with private keys protected in onshore UAE Hardware Security Modules (HSMs) to meet the highest global standards.”

Zand is also offering the Zand Vault Cold Wallet crypto custody solution.

The digital Bank is also offering insurance coverage, multi signature and threshold signature schemes as well as regulatory oversight from the UAE Central Bank as well as Dubai Virtual Asset Regulatory Authority.

Zand is already well established in the UAE crypto ecosystem, as it offers crypto exchanges banking services.

In January 2025, Zand Bank partnered with Klickl after they announced they would be launching their digital asset custodial services. The Bank has also noted that it will be launching an AED stablecoin in the future while it enhances the bank’s ability to integrate TradFi and DeFi.

Other digital banks in the UAE are entering the crypto foray. Already Mbank has launched its first regulated AED stablecoin, while Liv Bank is now offering crypto trading services.

Mbank also launched Jaywan Cards, the UAE’s first National Debit Card, on its blockchain enabled Mbank Wallet platform.

Binance payment service company BPay receives license in Bahrain

Binance payment service company BPay receives license in Bahrain

The Central Bank of Bahrain (CBB) has granted BPay Global B.S.C.(c) (BPay Global), a Binance Group payment services company, a Payment Service Provider (PSP) license to operate in the Kingdom of Bahrain. Binance customers will be able to top up and withdraw on an e-wallet fiat currency, as well as custody their fiat and crypto and make payments.

As per the press release, the PSP license will allow BPAY to offer fiat services to Binance customers globally, including fiat top ups and withdrawals, custody and other payment services. This will enable Binance customers to open an e-wallet and make fiat top ups on the Binance platform through bank transfers and debit/credit card payments. The license will also allow BPay Global to custody fiat on behalf of customers.

Commenting on this announcement, Mr. Abdulla Haji, Director of Licensing Directorate at CBB, said “We are pleased to announce the issuance of a license to a new payment service provider in Bahrain. This license represents a positive step in enhancing Bahrain’s digital payments ecosystem, particularly in its support for crypto-related sector as well as fiat payment solutions. The CBB remains committed to enabling a dynamic and progressive payment landscape that aligns with global advancements in financial technology.”

Mr. Tameem Almoosawi, General Manager of Binance Bahrain and BPay Global, commented: “We are glad to announce the launch of BPay Global and the first Payment Service Provider license received by a Binance company, allowing it to act as a payment service provider and e-wallet provider for users around the world. With this license, BPay Global will provide Binance users with further choice of low-cost fiat on- and off-ramps.”

Binance had previously received a license from the Central Bank of Bahrain back in 2023 and was able to offer crypto payments through Binance Pay.

LIV Bank in UAE launches first crypto trading campaign

LIV Bank in UAE launches first crypto trading campaign

Liv Bank, the first digital bank in UAE, and a subsidiary of Emirates NBD on its website, has launched its first crypto trading campaign in the UAE, spurring the first outright competition between UAE banking sector and crypto exchanges.

While Liv Bank announced their foray into the crypto trading arena back in March 2025, it is only now that they outrightly showcased it on their website and announced their first campaign.

Utilizing services of both Aquanow crypto exchange in the UAE, as well as Zodia Custody services, UAE Liv Bank have showcased themselves as a trusted partner to invest in crypto. UAE Liv Bank, explains how users in the UAE can trade securely with the Liv app for fees as low as 0.5% with guided modules and the security that Emirates NBD Bank brings.

In its crypto trading campaign, Liv Bank is offering every trade placed of order value USD 50 or more one entry into each of the draws. As they noted, “The more the trades, the better your chances to win! Offering prizes of 100,000 AED during the months of May and June 2025.

Users will be able to trade crypto assets such as Bitcoin, Ethereum, Solana, Cardano, Ripple and others.

According to Liv Bank they have simplified the crypto trading process. There are no seed phrases or downloading digital wallets, all users need to to is use the Liv app, As they note, “With Liv, you can begin with small denominations, learning and growing as you go through guided modules that are designed to help you make informed decisions.”

All users have to do is sign up or log in to the Liv X app, Click on the Wealth tab then simply click Apply on the Crypto tile, and fill out the requested details, and submit. Then users can start accessing all their crypto investments.

In March 2025, Liv digital bank a part of Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the launch of their cryptocurrency offering within its mobile banking app – Liv X allowing users to buy sell custody and trade cryptocurrencies in partnership with Aquanow, a UAE regulated crypto asset exchange and Zodia Custody also regulated in the UAE.

At the time Liv digital bank noted that it was committed to introducing innovative products to its customers and this new cryptocurrency offering, with crypto infrastructure operated by Aquanow and custody services performed by Zodia Custody.

UAE regulated Fasset to distribute U.S. tokenized equities for Own and Dinari

UAE regulated Fasset to distribute U.S. tokenized equities for Own and Dinari

As Own and Dinari partner to bring $1 billion worth of U.S. equities on-chain, increasing the current tokenized equities market by more than 66x by the end of 2025, its tokenized equities will be distributed through UAE regulated Fasset licensed token exchange platform in the UAE, Indonesia, Malaysia, the EU, Turkey and Pakistan.

Backed by Fasset, Own is the first Ethereum Layer 2 protocol built for the creation, management and distribution of tokenized real-world assets (RWAs). Dinari’s technology simplifies the issuance and distribution of fully-backed tokenized assets, offering access to over 100 stocks, ETFs, and REITs, including MSTR, TSLA, NVDA, SPY, META, AAPL, GOOGL, MSFT, and AMZN.

“U.S. equities have created trillions in wealth, but for most of the world, they remain effectively out of reach,” said José Fernando Pereira, Executive Director of Own. “This partnership creates direct access to these markets for global investors without the premium fees and extra steps that have limited participation.”

Own is incubated by the Own Foundation in partnership with Fasset, holding the largest portfolio of regulatory licenses and authorizations in high-growth markets. With Fasset’s support, Own has full permission to distribute and market virtual assets in rising economies, local banking rails for seamless transactions, fiat on/off-ramp infrastructure, and established trust with local regulators and central banks.


Through this partnership, investors can access fractional shares with lower fees, minimal entry barriers, and near-instant settlement, unlocking U.S. markets in ways that were previously out of reach.

“Tokenized real-world assets are one of the most in-demand digital asset use cases globally,” Mohammad Raafi Hossain, CEO and Co-Founder of Fasset, said. “We have already seen growing investor demand for these high-quality, compliant assets, and this partnership will fuel greater liquidity and market depth for tokenized assets.”

This follows a +1,000% month-on-month increase in tokenized US equities transactions on Fasset, driven by one of the largest on-chain equity settlements to date via Arbitrum and Dinari. The equities tokenized by Dinari on Own will be available for trading in conjunction with Own’s mainnet launch in Q4 of 2025.

“Dinari dShares enable investors around the world to access U.S. public markets without ever having to leave their preferred ecosystems and applications,” Gabriel Otte, Co-Founder of Dinari added. “We’re thrilled to partner with Fasset and Own Chain to deliver value to investors and grow the tokenized asset space together.”

M2 partners with crypto mining solution provider NiceHash

M2 partners with crypto mining solution provider NiceHash

UAE regulated M2, a cryptocurrency exchange and investment platform, has partnered with NiceHash, a global crypto mining solution provider and hashrate marketplace serving over one million miners globally.

Through this partnership, M2 Global Wealth Limited (M2GWL) will provide miners worldwide with seamless access to flexible lending solutions in USDT, allowing them to unlock the full potential of their Bitcoin holdings. By collateralizing their BTC, miners can now access convenient USDT loans, enabling them to scale their operations, cover expenses, and optimize profitability, without selling their valuable assets.

Miners can unlock liquidity by using their Bitcoin as collateral and enjoy flexible repayment options, including allocating a portion of their hash rate. With seamless integration to NiceHash’s technology, Bitcoin miners can effortlessly manage both their mining pool rewards and their open loans through a single intuitive dashboard, automatically directing earnings toward loan repayment—eliminating complexity and ensuring a hassle-free experience.

Sudhu Arumugam, Chief Product Officer, M2, added, “At M2, we understand the challenges miners face in maintaining liquidity while preserving their Bitcoin investments. Our partnership with NiceHash represents a shared vision of empowering miners with smarter financial solutions that allow them to grow their businesses without sacrificing their Bitcoin holdings. This is just the beginning—we are committed to continuously innovating and delivering financial services that support the crypto mining ecosystem in meaningful ways.”

By powering the tech behind M2’s lending solutions, NiceHash helps bring a world-first solution to financing big mining operations and expansion.

In February 2025, M2 partnered with Transak, a payments infrastructure provider for digital assets like cryptocurrencies, stablecoins and NFTs, integrating its solution with M2, UAE regulated crypto exchange. This streamlined integration seeks to lower barriers to market participation, while ensuring strict levels of security and compliance. Through Transak, verified M2 users will be able to conveniently make fiat-to-crypto purchases for 30+ of tokens and cryptocurrencies using their credit and debit cards, M2’S OTC service will continue to be available.

Web3 is a Joke presents Crypto Roast Comedy Night on the sidelines of Token 2049 Dubai

Web3 is a Joke presents Crypto Roast Comedy Night on the sidelines of Token 2049 Dubai

Web3 is a Joke, founded by comedian Mona Shaikh, bridges the gap between comedy and blockchain technology. With sold-out events across the US, UK, Hong Kong, and beyond, the brand has become a global leader in making Web3 accessible through humor.
The event will turn blockchain into belly laughs in Dubai UAE during Token2049 on April 29th at The Kempinski Palm from 6-8pm.

“Web3 is a Joke” Crypto Roast Comedy Night at Token 2049 Dubai side event, will be a transformative experience featuring hilarious comedians, delicious libations and unparalleled networking opportunities designed for crypto, web3 and comedy lovers.

Mona Sheikh, Founder of Web3 is a Joke, notes, ” The mission is to help with mass adoption through comedy. “Web3 is a Joke”, serves as a platform to achieve two big goals: Build trust in crypto and educate through entertainment. We will bring together crypto, Web3 and comedy lovers for a day filled with hilarious crypto roast jokes, tearing down Web3 and rebuilding it with non-stop laughter. Sponsorship opportunities are available for companies in both Web2 and Web3 and in all industries. Media entities can also partner.”

Whether you’re looking to break away from the nerdy panels and need something new and exciting to laugh, learn and link, Web3 is a Joke Crypto Roast Comedy Night is where you need to be.

This year’s lineup includes Founder & Roast master Mona Shaikh followed by a hilarious crypto roast with comedians from the US, Dubai and South Asia. Each comedian offers unique insights into the world of crypto comedy. Attendees will have the chance to engage with comedians, network, and connect with sponsors with display booths all designed to entertain, learn and collaborate.

Web3 is a Joke is the perfect gathering for aspiring entrepreneurs, crypto, tech and web3 enthusiasts along with creative minds and
comedy lovers. Whether you’re looking to learn more about web3 and crypto, network with the best or just get some good laughs, you’ll find valuable opportunities to grow and learn.

Secure your spot at our exclusive event on our website by reserving your complimentary ticket today. Tickets are available at www.web3isajoke.io or on Luma. For Sponsorship and media partnership opportunities please email mona@web3isajoke.io.


UAE unregulated crypto market maker CLS ordered to pay $428,059 in fines to the SEC

UAE unregulated crypto market maker CLS ordered to pay $428,059 in fines to the SEC

After the UAE registered company CLS Global FZC LLC, a non-regulated financial services firm known in the cryptocurrency industry as a “market maker,” admitted to fraud in the United States, the company has received its sentence in federal court in Boston for criminal charges relating to its fraudulent manipulation of cryptocurrency trading volume and has been ordered to pay $428,059.

CLS Global has been ordered to pay a total of $428,059 to the government, representing both a fine and seized cryptocurrency. The court also sentenced CLS Global to a term of probation for three years, during which CLS Global is prohibited from participating in U.S. cryptocurrency markets. CLS Global pleaded guilty to one count of conspiracy to commit market manipulation and wire fraud and one count of wire fraud in January 2025. It was charged criminally in September 2024.

CLS Global provided “market making” and other services for cryptocurrency companies through its public website and other promotional materials. CLS Global was a company registered in the United Arab Emirates that employed over 50 individuals yet not regulated by UAE virtual asset regulatory authorities.

The charges against CLS Global followed an undercover law enforcement operation targeting cryptocurrency “wash trading,” sham trading activity intended to attract investors. The investigation included the creation of NexFundAI, a purported cryptocurrency company that had a website (https://nexfundai.com) and an Ethereum-based token that traded on the Uniswap cryptocurrency exchange before being disabled by law enforcement.

CLS Global agreed to provide market making services for the NexFundAI token that included “wash trading” to fraudulently attract investors to purchase the token. During several videoconferences between July and August 2024, a CLS Global employee explained that the company could “help with volume generation” so that NexFundAI could meet cryptocurrency exchange listing requirements and attract purchasers of the NexFundAI token. The employee explained that CLS Global used an algorithm that “basically does self-trades, buying and selling. . . from multiple wallets so it’s not visible” and so “it looks like organic buying and selling that is happening.” The employee further explained, “It’s very hard to track. . . . We’ve been doing that for many clients.” The employee also acknowledged, “I know that it’s wash trading and I know people might not be happy about it.”

CLS Global’s employee provided a “Market Making proposal” which, in a section titled “Volume Support,” contained an illustration of the CLS Global “dashboard” that reflected “total volume,” “CLS volume” and “external volume.” Traders employed by CLS Global subsequently bought and sold the NexFundAI token on the Uniswap cryptocurrency exchange using CLS Global’s trading wallets and provided reports on the trading activity created by the “volume generation algorithm.”

As part of its sentence, CLS Global is prohibited from participating in cryptocurrency transactions on trading platforms available to investors located in the United States or providing services to cryptocurrency clients based in the United States, as set forth in the plea agreement. CLS Global is also required to make annual certifications that its business practices conform to these prohibitions.