Flipster crypto trading platform appoints MENA regional manager

Flipster crypto trading platform appoints MENA regional manager

In a show of its intention to enter the MENA region Flipster, a cryptocurrency trading platform, has appointed a regional head to drive innovation in this high-potential market.

Previously an executive at Rain crypto exchange licensed in UAE and Bahrain, Benjamin Grolimund, is now the General Manager of the UAE at Flipster.
Grolimund brings nearly two decades of experience scaling business operations and driving compliant digital assets innovation in the region. Prior to this, Ben was the founder and CEO of Finally Technologies, and the Regional Head of MEA at Bloomberg.

Appointed as General Manager of the UAE, Benjamin will oversee the firm’s business and operational strategies in the region. His appointment comes at a pivotal growth phase for Flipster, reinforcing its commitment to providing traders of all experience levels with seamless, global access to crypto trading.

Expanding into the Middle East marks a natural progression in Flipster’s global strategy, driven by the region’s strong demand for digital assets and a highly engaged, informed investor base. This move builds on the platform’s performance in 2024, which included an 856% increase in trading volume across existing markets. With Benjamin’s leadership, Flipster is well-positioned to support the region’s growing digital asset ecosystem and confidently execute its vision for strategic expansion in this high-growth market.

“Joining Flipster at this pivotal moment is an exciting opportunity to contribute to a bold vision for the future of digital asset trading,” said Benjamin Grolimund, General Manager of the UAE at Flipster. “The Middle East’s progressive regulatory environment and commitment to financial innovation provide an ideal foundation for responsible growth. My focus will be on establishing a strong, compliant, and operationally sound presence in the region—ensuring we build with integrity, safety, and long-term scalability. I’m proud to be part of a team that is setting new standards in the industry and driving the next phase of global expansion.”

As per the press release, Flipster’s expansion into the Middle East signals its commitment to work with regulators, industry partners, and the broader community. This move aims to shape the future of digital assets while ensuring traders worldwide stay ahead in a rapidly evolving market, all while maintaining the highest standards of compliance in the region.

Flipster offers over 350 trading pairs across spot and perpetual futures markets, Flipster combines zero trading fees, tight spreads, and up to 100x leverage to give users a powerful edge in any market condition. Users can trade and earn simultaneously—with USDT used for trading continuing to earn APR rewards—maximizing capital efficiency without sacrificing execution.

Ethereum overtakes Bitcoin on OKX exchange

Ethereum overtakes Bitcoin on OKX exchange

OKX’s Global Chief Commercial Officer, Lennix Lai, has shared insights on latest trading data especially as BTC reaches a new fresh ATH. According to Lai, the latest trading data reveals that Ethereum has surpassed Bitcoin as OKX’s most traded cryptocurrency.

Ethereum has captured 27% of spot volume despite BTC recently setting a new all-time high of $110,730. Ethereum overtaking Bitcoin is a first for this year.

As per OKX, which is licensed in the UAE, the numbers tell the story. ETH now captures nearly 27% of spot volume versus Bitcoin’s 26.5%, completely flipping April’s dynamic when BTC dominated at 38% while Ethereum lagged below 20%.

According to Lai, this signals a distinct rotation as traders reposition while Bitcoin consolidates near all-time highs, despite BTC recently hitting a fresh record of $110,730. Even with the SEC’s delays on ETH staking ETFs, the Ethereum narrative is clearly gaining traction, potentially driven by anticipation around upcoming upgrades (e.g. Fusaka) and bullish news of TradFi institutions building Ethereum L2s to tokenize RWAs.

He adds, “What makes this shift even more remarkable is that it’s happening amid surging overall activity – we saw spot trading volume jump by 60% week-over-week in the second week of May, with momentum continuing as volumes climbed another 6% the following week while both ETH and BTC continued their rallies. The timing of this shift really shows us how the market is maturing.”

With Bitcoin futures open interest hitting a record $72 billion, Coinbase joining the S&P 500, and the GENIUS Act clearing the Senate in the US, OKX is seeing more clarity and potentially even deregulation in certain jurisdictions.

Lai concludes, “I think these are early signs of a more sophisticated market cycle where capital flows toward growth potential rather than simply chasing Bitcoin’s momentum. While corporate treasuries keep adding Bitcoin to their books, Ethereum’s comeback on our platform suggests we’re entering a more nuanced phase where traders are backing multiple horses in this bull market rather than putting all their chips on Bitcoin.”

LBank suspends UAE new users and disables trading for existing ones

LBank suspends UAE new users and disables trading for existing ones

LBank, a crypto exchange offering more than 800 crypto assets is seeking a license in UAE through Dubai’s Virtual Asset Regulatory Authority (VARA) and as a result they are implementing changes to ensure regulatory compliance and high standards of consumer protection and transparency which include suspending new user registrations from the UAE.

As per their blog post, “As part of our ongoing commitment to full regulatory compliance and responsible innovation, LBank is currently in the process of securing a Virtual Asset Service Provider (VASP) license under the Dubai Virtual Assets Regulatory Authority (VARA).
In alignment with regulatory expectations and to ensure the highest standards of consumer protection and operational transparency, the following temporary changes will apply to users accessing our services from the UAE.”

New user registrations from the UAE will be temporarily suspended, while existing UAE users will only be able to, cancel open orders
close active positions, withdraw funds. The blog post notes, deposits and new trading orders will be disabled during this interim period.

LBank stated, “We understand the importance of uninterrupted access and are working closely with regulators to complete the licensing process as efficiently and transparently as possible. This transition underscores our deep commitment to the UAE’s progressive regulatory framework and our goal to operate with full authorization and oversight under VARA. We appreciate your continued trust and patience as we work to build a safer, stronger, and fully compliant digital asset ecosystem in the UAE.”

One year after receiving license, BitOasis launches in Bahrain

One year after receiving license, BitOasis launches in Bahrain

BitOasis a crypto trading platform, which received its license in Bahrain in June 2024, and was acquired by CoinDCX crypto exchange, has now officially launched its operations in Bahrain with regional plans to reach 1 million users by 2026. Since its inception in 2016, BitOasis has processed over USD 7.4 billion in trading volume and raised over USD 40 million in funding. It also holds a license in Dubai UAE.

As per the announcement, BitOasis Bahrain will operate under a Crypto-Asset Services License from the Central Bank of Bahrain, delivering secure, compliant, and robust trading services for retail, corporate, and institutional users. It has also launched a premium services for high-net-worth individuals and institutional clients, featuring exclusive VIP offerings and dedicated relationship support. The platform also supports local bank transfers, ensuring seamless and efficient deposits and withdrawals across the GCC.

Attendees at the launch event were joined by Ali Dashti, the General Manager of BitOasis Bahrain, Ola Doudin, CEO and Co-Founder of BitOasis, and Sumit Gupta, Co-Founder of CoinDCX.

“Today marks a significant milestone as we proudly launch BitOasis in Bahrain,” said Ola Doudin, CEO and Co-Founder of BitOasis. “BitOasis has always stood for trust, providing the best experience for users, and maintaining a robust platform. With the backing of CoinDCX for over a year now, we are accelerating that mission. CoinDCX’s 200+ strong technology team now powers the platform’s backend, unlocking faster performance, deeper liquidity, stronger security, and a significantly enhanced product suite. Our ambition is clear: to reach one million users across the region by 2026, setting the gold standard for compliance, innovation, and customer experience.”.

According to IMARC Consulting, the GCC cryptocurrency market was valued at $744.3 million in 2024 and is projected to reach $3.5 billion by 2033, growing at a CAGR of 16.75%. Additionally, approximately 38% of crypto users in the region have annual incomes exceeding USD 15,000, reflecting a strong base of financially empowered individuals.

“For CoinDCX, MENA is not a market to merely enter—it’s a region to co-build. Since acquiring BitOasis in July 2024, we’ve seen tremendous progress. BitOasis secured a full VASP License from VARA in December 2024, and with its launch in Bahrain, we’re further strengthening our regional presence. By joining forces, we’re creating a platform that’s local at heart but global in strength. Our goal is to transform the market, building the most secure, compliant, and future-ready crypto platform in the region,” said Sumit Gupta, Co-Founder, CoinDCX.

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HashKey receives crypto exchange license in UAE

HashKey receives crypto exchange license in UAE

Asian based HashKey Group (“HashKey”), digital asset financial services group, has secured a Virtual Asset Service Provider (VASP) license from Dubai Virtual Assets Regulatory Authority (VARA) to provide both Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services within, and originating from, the Emirate of Dubai. The crypto exchange service will go live on May 19th 2025.

As per the press release, the license is part of HashKey’s expansion in the MENA region and will help to meet growing institutional needs. In January 2025, HashKey has announced it would soon be licensed in the UAE.

HashKey will offer clients several features such as USD and AED deposits and withdrawals, fiat on and off-ramping so that users can directly transfer USD from their bank account to HashKey Global MENAA’s fiat wallet. Standard Chartered will provide the fiat currency deposit and withdrawal services for the platform.

In addition HashKey will also be offering OTC services for the top 10 major tokens, through HashKey Global MENA, which will deliver regulated block trading with competitive all-inclusive pricing, ensuring transparent quotes and zero hidden fees for market-leading rates. While large orders benefit from instant execution, eliminating slippage risks, while flexible settlement options cater to institutional and HNWI liquidity needs.

“As a licensed platform, HashKey Global MENA embraces institutional needs by offering a regulated gateway for fiat-crypto transactions, backed by institutional-grade safeguards and strategic partnerships like Standard Chartered. Our regional expansion ambitions, with a strategic focus on the GCC, are rooted in empowering MENA’s institutions and HNWIs with seamless, cost-efficient access to global crypto markets, reinforcing the UAE’s position as a hub for blockchain innovation while prioritizing compliance and client protection at every step,” said Sherif Sanad, Country Manager, HashKey Global MENA.

As for the future, HashKey Global MENA will deliver not just virtual asset trading services, but aims to evolve and develop innovative digital asset products, designed and delivered within VARA’s robust regulatory and compliance framework.

HashKey Group already holds digital asset-related licenses from regulators in Hong Kong, Singapore, Japan, and Bermuda, as well as VASP registration in Ireland and is actively pursuing a MiCA license in the EU.

eToro integrates UAE pass for onboarding

eToro integrates UAE pass for onboarding

eToro, UAE regulated crypto trading and management platform, has integrated UAE PASS, the UAE’s national digital identity platform, into its onboarding process, further localizing its product for the UAE market.

As per the announcement, the new feature allows UAE-based users to register on eToro using the UAE PASS app, which pulls verified Proof of Identity (POI) and Proof of Address (POA) directly from the government’s digital identity system. It simplifies the verification process significantly, enabling faster account creation, enhanced security, and a smoother experience for new users.

George Naddaf, Managing Director at eToro MENA, stated, “This is a major milestone in simplifying the onboarding experience and advancing in our vision to open the global markets for everyone to trade and invest in a simple and transparent way. By integrating a trusted local identity solution, we’re removing key friction points and adding another layer of trust and convenience for our UAE community.”

According to a recent survey by eToro, 87% of UAE retail investors now rely on fintech platforms to manage their finances. Additionally, 26% use only fintech providers, while 36% use them for the majority of their activity, reflecting the country’s rapid shift toward digital-first financial solutions.

This initiative adds to eToro’s broader localization initiatives in the region, including the opening of its Abu Dhabi office, the addition of stocks listed on the Abu Dhabi Securities Exchange and Dubai Financial Market.

Coinbase enters UAE after acquisition of Deribit

Coinbase enters UAE after acquisition of Deribit

Coinbase, the largest publicly traded cryptocurrency exchange, announced that it will be buying derivatives exchange Deribit for $2.9 billion deal to as it expands into the crypto options market, but the deal also means it will have a foothold in the UAE.

Deribit is one of the exchanges that has received a full license in the UAE back in December 2024, allowing it to offer spot and derivatives trading in the UAE under Deribit’s Dubai-based entity, Deribit FZE. It received its license from Dubai’s Virtual Asset Regulatory Authority after it had its conditional license in April 2024.

Coinbase noted that the acquisition would accelerate their Global Derivatives Strategy. They stated, “With Deribit’s strong presence and professional client base, Coinbase is making its most substantial move yet to accelerate our international growth strategy. Our complementary footprint strategically positions Coinbase within the sizable global crypto derivatives markets.”

The cash-and-stock deal will allow Coinbase to offer crypto options to its international clients. Widely used for hedging, options can be a key source of stability as their demand typically holds up during bouts of volatility.

The deal consists of $700 million in cash and 11 million shares of Coinbase’s Class A common stock, the company said, and is subject to regulatory approvals and other customary closing conditions and is expected to close by year-end.

The post also noted that the deal would create the Most Comprehensive Institutional Derivatives Platform given that Deribit is the global leader in crypto options. the blog stated, “Deribit’s robust options platform complements Coinbase’s rapidly growing US futures and international perpetual futures businesses, completing our derivatives offering. This is an important step toward our goal of providing traders access to spot, futures, perpetual futures, and options trading – all in one seamless, capital-efficient platform.”

The acquisition will also make Coinbase the global leader in crypto derivatives by open interest and options volume. Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US, with strong demand from institutional and advanced traders. We believe crypto options are on the cusp of significant expansion, similar to the equity options boom of the 1990s.

Finally Coinbase notes that Deribit will immediately enhance profitability and add diversity and durability to their trading revenues upon close.

“We’re excited to join forces with Coinbase to power a new era in global crypto derivatives,” said Deribit CEO Luuk Strijers. “As the leading crypto options platform, we’ve built a strong, profitable business, and this acquisition will accelerate the foundation we laid while providing traders with even more opportunities across spot, futures, perpetuals, and options – all under one trusted brand. Together with Coinbase, we’re set to shape the future of the global crypto derivatives market.”

UK crypto broker DKK Digital receives license in UAE

UK crypto broker DKK Digital receives license in UAE

DKK Digital FZE, a Dubai based subsidiary of DKK Partners based in London, has secured full regulatory approval from the Dubai Virtual Assets Regulatory Authority (VARA) to operate as a licensed Virtual Asset Service Provider (VASP) Broker/Dealer as it plans to scale its operations across the Middle East.

As per the announcement, DKK Digital is now authorized to offer a comprehensive suite of regulated digital asset services, including fiat on/off ramp infrastructure and liquidity provision for stablecoins such as Electronic Dirham (EAED), USD Tether (USDT), USD Coin (USDC), and Ripple USD (XRP).

Khalid Talukder, Co-Founder & CEO of DKK Digital commented, “Receiving full regulatory approval from VARA is a major milestone for DKK Digital and a strong validation of our commitment to building within a compliant and forward-thinking framework while contributing to Dubai’s vision as a global hub for blockchain and Web3 innovation. This license enables us to officially operate as a regulated Broker/Dealer VASP and further strengthens our ability to deliver secure, institutional-grade digital asset solutions across the region and beyond.”

The firm’s approval also reinforces its capacity to build robust partnerships with banks, fintech companies and financial institutions across the regions, enabling regulated services for cross-border settlements, FX markets and treasury operations.

This week alone in the UAE, several crypto brokers and exchanges such as Gate.io and Bitgo both receiving licenses from VARA adding to the already competitive crypto exchange market.

Gate crypto exchange licensed by UAE regulator

Gate crypto exchange licensed by UAE regulator

Gate Group, which operates Gateio crypto exchange announced that its UAE subsidiary Gate Technology FZE known as Gate Dubai has obtained a VASP License under the regulation and supervision of VARA in Dubai to provide crypto exchange services and is permitted to serve institutional investors, qualified investors, and retail investors.

Dr. Han, Gate Group’s Founder and CEO, commented, “We have always adhered to a compliance-first strategy, and Dubai is undoubtedly one of the most forward-looking jurisdictions in the global crypto industry. Obtaining VARA’s full operational license is a critical step in Gate Group’s expansion across the Middle East and the world.We look forward to growing alongside Dubai’s ecosystem and driving further prosperity in the local digital economy.”

The crypto exchange is also launching its office and expanding its local team.

As per the announcement Gate Dubai will allow users to initiate crypto-to-crypto and fiat-to-crypto and vice versa trades with other users as the counterparties to these transactions.

Gate crypto exchange has also sought licenses and received approvals in Lithuania, Argentina, Malta, Italy, Gibraltar, Bahamas, and Hong Kong. Last year, Gate Group also completed the acquisition of Japan-licensed exchange Coin Master, further broadening its international compliance network.

UAE OKX crypto exchange launches $1.3 million reward campaign

UAE OKX crypto exchange launches $1.3 million reward campaign

OKX, the global crypto platform regulated in the UAE, has launched one of the biggest crypto trading campaigns that the UAE has ever seen. The total reward pool is 5 million AED equivalent to $1.36 million dollars.

As per the campaign all users have to do is sign up, link their UAE Bank account and trade. Individual prize awards will reach up to 50,000 AED equivalent to $13,600, while new users will also receive AED 250 on their first deposit of AED 250, and AED 500 on completing their first trade of AED 500.

There are also daily rewards of up to 100 USDT for every 1,000 USDT traded.

This is not the first campaign to be launched this year in UAE by either crypto exchanges or even crypto savvy digital banks such as Liv Bank which recently also launched its crypto campaign, however this is one of the biggest pool rewards.

As the scene in the UAE becomes more competitive with many licensed crypto exchanges competing for clients, and with the entrance of banks into the crypto scene, more campaigns, services and offerings will be on the table.