As the UAE and Kazakhstan now join North America, Europe, Latin America, and Asia Pacific with Mastercard’s Crypto Credential solution, UAE regulated CoinMENA and Fuze are the first crypto exchanges to be onboarded. The solution simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. Mastercard’s solution is marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.

Mastercard Crypto Credential is facilitated through its partnerships with key exchanges and providers in the region. It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset. It brings greater trust and certainty to crypto transactions through the exchange of metadata and Travel Rule information.

This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and in the UAE with CoinMENA, as well as Fuze.

“At Fuze, our collaboration with Mastercard on the Crypto Credential initiative underscores our dedication to advancing secure, efficient, and inclusive digital asset transactions across the EEMEA region,” said Mo Ali Yusuf, CEO, Fuze.“This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”

“It is exciting to see Mastercard embracing blockchain technology and moving on-chain. Innovations like Mastercard Crypto Credential program are key to building trust and making digital assets more accessible and user-friendly, especially for joiners from traditional finance,” said Talal Tabba, CEO, CoinMENA.

Crypto Exchanges just have to verify their users with MasterCard

Using Crypto Credential is simple. The crypto exchange first verifies the user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. When a user initiates a transfer, the solution confirms that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. If this is not the case, the sender is notified, and the transaction does not proceed, protecting all parties from potential loss of funds.

While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.

“As the cryptocurrency landscape continues to mature, we’ve been laser focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem. In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard

“As one of the leading cryptocurrency exchanges in Kazakhstan, licensed by the AIFC, ATAIX Eurasia is focused on building a legal and accessible cryptocurrency infrastructure in the Eurasian and, eventually, global financial markets,” said Аrutyun Poghosyan, CEO ATAIX Eurasia. “That is why we are incredibly excited to join Mastercard’s interregional partnership to implement the crucial and timely Mastercard Crypto Credential technology. We look forward to strengthening our collaboration with Mastercard even further.”

CoinMENA and Ripple partnership

CoinMENA, was also recently selected list Ripple’s new RLUSD stablecoin on its platform. CoinMENA is the only crypto broker to be chosen by Ripple to list its stablecoin in the MENA region.

UAE licensed Backpack Exchange, a global cryptocurrency exchange has acquired FTX EU, the MiFID II-licensed former European arm of FTX. In a Coindesk article, it noted that BackPack acquired FTX EU for $32.7 million.

As per the press release, the acquisition which was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), marks a major milestone in Backpack’s global expansion and commitment to delivering secure, regulated trading solutions across Europe.

Backpack EU is planned to go live in Q1 of 2025. The crypto exchange will offer a full suite of crypto derivatives throughout the European Union including perpetual futures.


With the acquisition, Backpack’s new EU arm will offer a full suite of crypto derivatives throughout the European Union including perpetual futures, a market where no regulated crypto derivatives currently exist, as unregulated offshore exchanges have been forced to wind down their unlicensed European operations.

Armani Ferrante, CEO of Backpack Exchange, commented: “As many international exchanges exit the European Union, becoming a MiFID II-licensed entity demonstrates our dedication to meeting the highest regulatory standards and is a significant step to bringing transparent, secure, and regulated crypto trading to an underserved European market.”

As part of the acquisition, Backpack EU will undertake responsibility for distributing the previously court-approved FTX bankruptcy claims to FTX EU customers.

Mr. Ferrante further noted, “Customer restitution is a crucial step to rebuild trust and confidence in the industry, and Backpack is committed to returning FTX EU customers’ funds as fast and as safely as possible.”

In addition to compliant product offerings, Backpack EU will provide seamless integration with traditional payment rails including instant, low-cost Single Euro Payments Area (SEPA) payments and wire transfers in major currencies across the region.

In February 2024, The BackPack raised $17 million in a series A round led by PlaceHolder VC.

Hex Trust, a regulated provider of virtual assets custody, staking and market services has officially opened HT Markets MENA offering fiat on/off-ramp services in Dubai UAE through its secure, institutional-grade platform.

These services are immediately available for institutional clients and accredited investors with a minimum on-ramp threshold of AED 368,000 (equivalent to USD $100K).


Hex Trust established a Dubai office in June 2022. It currently holds three Virtual Asset Service Provider (VASP) licenses in Dubai, issued by the Virtual Asset Regulatory Authority (VARA). This includes a license to provide Virtual Asset Custodial Services, a second license for its VA Broker-Dealer and and a third for VA Management and Investment arm, HT Markets MENA FZE.

As per the announcement, these licenses allow Hex Trust to offer comprehensive Virtual Asset services covering Broker-Dealer and Management and Investment Services, which include regulated Staking Services.


“We are one of the first VA broker-dealers in the MENA region to offer an efficient and secure bridge between fiat and virtual assets. This unique offering caters to the huge appetite for on/off-ramp services in Dubai and is a significant achievement for HT Markets MENA.
We see enormous potential for virtual asset growth in Dubai given the progressive regulations, welcoming governments, and thriving crypto ecosystem. ” Filippo Buzzi, Hex Trust’s Regional Director MENA.


Hex Trust Markets offers safe access to the DeFi ecosystem, where clients can generate yield with native on-chain staking solutions and execute trades with the support of Hex Trust’s dedicated Markets team. It also brings secure access to crypto-fiat conversions through Hex Trust’s fully-licensed, institutional-grade custody platform. This enables investors in Dubai to seamlessly move their cryptocurrencies into fiat currencies, fostering a secure and compliant trading environment.

HTX, a crypto exchange, during the Bitcoin MENA 2024 event in Abu Dhabi announced that it has received a provisional approval from Dubai’s Virtual Asset Regulator (VARA) as it seeks to expand to the MENA region. Charmain Lim, Head of VIP Clients Services at HTX made these statements during one of the panels.

During the session, “The Great Debate: Bitcoin vs. Crypto” session, Justin Sun, Global Advisor of HTX and Founder of TRON, attributed Bitcoin’s breakthrough of the $100,000 mark to advancements in cryptocurrency technology. He explained, “Tether once issued stablecoins on the Bitcoin Omni Layer, but the platform’s slow transaction speeds hindered its growth. However, USDT on TRON enables instant transactions, meeting the needs of users. Technological advancements have also benefited Bitcoin. The growing popularity of stablecoins has led to increased capital flowing into Bitcoin, further solidifying its role as a store of value.”

While Charmaine Lim, during a roundtable discussion titled “Improving Access to Bitcoin in the UAE” stated that despite advancements in UAE when it comes to cryptocurrencies, challenges persist, such as the cautious approach of certain banks toward cryptocurrency transactions, insufficient public education about cryptocurrencies, and regulatory uncertainties. These factors hinder the growth of the crypto sector in the UAE.

Charmaine noted that HTX secured the Provisional Approval for the Virtual Asset Service Provider (VASP) license from Dubai’s VARA and is currently applying to upgrade it to a full VASP license.

He emphasized HTX’s strong focus on the UAE market, noting the platform’s ongoing efforts to connect with regulatory bodies and its proactive steps to collaborate with local banks in establishing a streamlined fiat-to-cryptocurrency transaction channel. Charmaine added that HTX will provide global users with learning opportunities on subjects such as crypto trading, storage, and security through HTX Live and online workshops. The platform will also continue to expand language options, including offering Arabic support, to enhance the user experience.”

The General Department of Criminal Investigation at Dubai Police has signed a Memorandum of Understanding (MoU) with BitOasis Technologies to strengthen cooperation, foster partnership ties, and enhance security efforts. The MoU also aims to bolster collaboration and exchange expertise in addressing economic crimes and exploring their future trends.

Brigadier Al Shamsi highlighted the importance of partnerships between Dubai Police and private sector entities, emphasizing their role in creating predictive frameworks that align with global economic, criminal, and technological changes. “These collaborations enable the implementation of proactive measures to enhance the security system effectively and efficiently,” he said.

Al Shamsi remarked, “Dubai is a global hub for business and investment, and Dubai Police is committed to strengthening its security framework through close collaboration with internal and external partners. Our strategic plans are designed to anticipate future challenges, particularly in combating economic crimes, which have become increasingly sophisticated due to growing reliance on technology in both professional and personal practices worldwide. Therefore, we continuously adapt to these trends to ensure that Dubai remains the safest city in the world.”

As part of the partnership, Dubai Police and BitOasis will exchange expertise to proactively enhance the safety of consumers and the virtual assets ecosystem. This initiative aligns with the UAE’s National Strategy for Anti-Money Laundering and Countering the Financing of Terrorism for 2024-2027, reinforcing our shared commitment to consumer protection and innovation.

Ola Doudin, CEO of BitOasis, expressed enthusiasm about the partnership, stating that the MoU represents a significant step towards achieving shared goals through exchanging expertise and knowledge. “This agreement opens new avenues for collaboration with Dubai Police and provides an opportunity to work together on innovative initiatives and projects across various fields,” Doudin said.

She added, “We are thrilled to deepen our partnership with Dubai Police. This collaboration is a pivotal step in our mission to enhance security and trust within the virtual assets ecosystem. By uniting our expertise, we aim to proactively safeguard consumers and drive technological innovation in line with Dubai’s economic vision.”

This comes in parallel with Crystal Intelligence MOU with Dubai Police and BitOasis.

KuCoin, aglobal crypto exchange, has announced it will be Title sponsor for Dubai Sports Council’s Open Padel Cup for Government Institutions. Scheduled from December 13 to 15, the Open Padel Cup Championship invites all government institutions across the UAE to participate. To promote amateur participation, professional players registered with clubs or the UAE Padel Association are not eligible, ensuring over 300 Emirati amateurs can take part in this competition.

Padel has been gaining traction in Dubai as a fun and engaging way to promote a healthy lifestyle and enrich the local sports culture. The Dubai Sports Council has recently spearheaded the Padel Cup Tournament initiative, partnering with KuCoin for the event, which is organized by Royal Griffin Event and hosted at JUST PADEL facilities.

As the title sponsor, KuCoin has expressed strong confidence in the economic prospects of the Middle East, particularly the UAE and Dubai, especially regarding the immense potential of the cryptocurrency market. Over the past few years, KuCoin has established many partnerships in Dubai’s vibrant city and has been actively involved in various local activities. Last year, KuCoin sponsored the COP28 Global Climate Change and Green Blockchain Summit and hosted the “KuCoin Green Future Charity Gala Dinner,” supporting various charitable causes.

At the press conference, Harry Chan, the representative from KuCoin highlighted the synergy between sports and blockchain technology, noting that both fields emphasize collaboration and innovation. Padel is a sport that requires high levels of teamwork and strategic thinking, aligns with the decentralized cooperation and innovative spirit of blockchain technology. “We believe that through activities like the Open Padel Cup for Government Institutions, we can better communicate the core values of blockchain technology to the public and inspire more innovative ideas,” said the KuCoin representative, and “help bring in and connect global responsible companies and talents”. This event marks the latest in a series of collaborations by KuCoin in Dubai, underscoring its long-term commitment to the Dubai market.

Fawzia Faridoun, Director of the Community Sports Department at the Dubai Sports Council expressed pleasure in partnering with KuCoin to promote the city’s sports culture and healthy lifestyle, looking forward to deeper cooperation in the future.

Interestingly Kucoin has yet to have a regulated presence in the UAE, while others such as Binance, Crypto.com and other global crypto exchanges have.

UAE homegrown M2, cryptocurrency exchange and custodian has engaged Haruko, an institutional-grade infrastructure solution created for companies deploying capital across the digital asset ecosystem to provide M2’s treasury trading team with the tremendous insight required for effective treasury management, compliance, investor reporting and financial control functions.

Haruko provides the most comprehensive digital asset infrastructure solution for institutions deploying capital across the digital asset ecosystem. Seamless consolidation of positions across exchanges, on-chain and OTC activity with access to real-time and historical pricing, risk and P&L reporting provides the transparency needed for effective treasury management, compliance, investor reporting and financial controllership functions.

M2’s Managing Director of Treasury Kim Wong said, “With Haruko, we can efficiently manage M2’s treasury portfolio and risk in real time. Haruko’s advanced tools empower our team to seamlessly track asset flows, conduct scenario analyses, and closely monitor counterparty credit as well as other market exposures, enabling proactive risk management.”

“These capabilities allow us to identify and mitigate risks across our digital asset portfolio, safeguarding against potential downside impacts. This is a critical enhancement to our strategies and operations, particularly during periods of heightened market volatility.”

“As risk management continues to become a critical workflow in the digital asset space, Haruko continues to deliver an exceptional institutional-grade solution which enables digital asset managers to view their risk in a combined and transparent way,” said Shamyl Malik, Chief Executive Officer and Co-Founder of Haruko.

He added, “We are delighted to be working with M2 to provide our comprehensive suite of risk and portfolio management products, significantly improving operational efficiency and streamlining their workflow”.

On October 31st, UAE crypto exchange M2, underwent a cybersecurity breach involving $13.7 million but was able to quickly address the incident within 16 minutes. M2 announced that it fully resolved the issue, restoring all customer funds and taking responsibility for any potential losses. M2 on its website stated, “We would like to report that the situation has been fully resolved and customer funds have been restored. M2 has taken full responsibility for any potential losses, demonstrating our unwavering commitment to safeguarding our customers’ interests. All services are now fully operational with additional controls in place.”

GCEX (GCEX Group), a UAE VARA regulated digital prime brokerage renowned for providing brokers, funds and professional traders with access to deep liquidity, has announced the launch of its enhanced market data feed solution covering all supported product underliers. This expansive offering includes Equity Index CFDs, Energy CFDs, Commodity CFDs, Crypto CFDs, Spot Crypto, Spot FX and Bullion, providing clients with unrestricted access to real-time market data.

The new data feed from the firm, which is regulated as a Virtual Asset Service Provider (VASP) by VARA, allows for seamless redistribution to clients, enhancing flexibility and connectivity for brokers, hedge funds, and professional traders.

In tandem with this, GCEX has announced the release of its improved CFD product, offering market-leading spreads that set new industry standards. The enhanced CFD product offers market-leading spreads on major indices and commodities, including DAX 30 with target spread of 0.45, US 30 with target spread of 0.9 and US and UK Oil with target spread of 0.01 among many others.

“At GCEX, our mission is to empower clients with unparalleled trading solutions,” said Lars Holst, Founder and CEO of GCEX. “The release of our comprehensive market data feed and competitive CFD product is a testament to our commitment to innovation and client-centric services. We understand the critical role that timely and accurate market data together with market-leading spreads play in trading strategies, and we’re excited to provide these solutions.”

This launch marks another significant milestone in GCEX’s continuous efforts to enhance its full-service offering, which combines access to deep liquidity on digital assets and FX, alongside spot trading and conversion of digital assets, and now, unrestricted access to essential market data.

The company also offers a comprehensive range of Forex brokerage and crypto-native technology solutions under its XplorDigital suite. XplorDigital features innovative plug-and-play solutions, ‘Crypto in a Box’ and ‘Broker in a Box’ which encompass technology-agnostic platforms addressing regulation while covering regulated custody solutions, staking solutions, safety of funds, tier 1 and deep liquidity, connectivity to the biggest price makers, advanced risk management, and innovative technology partnerships.

MultiBank Group, a financial traditional derivatives institution worldwide headquartered in Dubai, has received a full VASP license for broker and exchange services from VARA (Virtual Assets Regulatory Authority) through its UAE subsidiary MEX Digital FZE operating under the MultiBank.io brand.

The Group has robust net assets of over US$583 million with over 1 million traders across 90 countries. Multibank Group boasts daily trading volumes averaging in excess of US$15.6 Billion per day and is one of the most regulated financial institutions worldwide with over 15 regulators, in 5 continents, with an unblemished record since its inception in 2005 now holds 15 regulatory licenses worldwide.

Naser Taher, Chairman of MultiBank Group, said, “Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets. We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide. This milestone strengthens our dedication to creating a secure and transparent environment for the global cryptocurrency community and marks a significant chapter in our evolution from Forex to the forefront of the crypto economy.”

With a VASP License from VARA for exchange and broker-dealer activities, MultiBank.io is set to accelerate its growth as a premier digital asset exchange, contributing significantly to Dubai’s burgeoning blockchain ecosystem. The company’s expansion strategy includes bolstering its team, elevating its service offerings, and forging strategic partnerships, all aimed at driving the advancement of the cryptocurrency industry in the region.

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, offering Muslim traders a suite of shariah compliant trading products. As per Bybit it is the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide providing them with an inclusive platform to engage in the digital asset market.

Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

Some of the key features is that it is accessible globally, and includes in its initial offering of 74 Shariah compliant tokens, DCA trading bot, and Spot Grid Bot.

It also offers double Shariah Certification, crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.


The Islamic economy, serving nearly 1.9 billion people worldwide, is experiencing rapid growth. The Islamic finance sector is currently estimated to be worth a staggering $2.3 trillion, and the Middle East, Africa, and South Asia (MEASA) region is poised to drive its continued expansion. By offering a Shariah-compliant trading platform, Bybit is tapping into a vast and growing market, providing Muslim traders with a trusted and reliable solution.

“We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit. “By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”

Bybit recently received its full VASP license in the UAE from Dubai’s Virtual Asset Regulatory Authority.