UAE regulated GCEX partners with Fireblocks

UAE regulated GCEX partners with Fireblocks

GCEX a provider of digital assets and foreign exchange solutions regulated in Dubai UAE, has integrated with FireBlocks, an enterprise platform to manage digital asset operations and build innovative businesses on blockchain to enable its institutional clients to access Fireblocks’ digital asset platform and custody solutions.

This latest development enables GCEX’s institutional clients transacting through its Danish and Dubai entities to utilize Fireblocks’ robust Policy Engine and compliance toolkit, ensuring enhanced security and adherence to regulations. 

By accessing the Fireblocks Network, GCEX’s clients can connect and trade with over 2,000 liquidity partners, trading venues and counterparties, with the network facilitating instant settlement, rebalancing and payments.

Lars Holst, CEO at GCEX said, “By integrating Fireblocks’ world-leading technology, GCEX is reinforcing our commitment to providing institutional clients with a streamlined trading experience and the most secure, efficient and transparent trading environment in the digital asset space. As institutional adoption of digital securities accelerates and we continue to scale, Fireblocks’ multi-layer security protocols, regulatory toolkit and streamlined processes will support GCEX’s operations, underpinning our focus on ease of trading and asset protection.”

The announcements comes a week after GCEX launched its open API, created to give institutional and professional clients real-time access to their balances, trades, and positions. The open API will enable clients to integrate with the GCEX back office, which the company says will help make portfolio management and regulatory reporting more efficient as a result of automating manual processes.

Clients are also said to be able to integrate their data for tailored insights and compliance reporting. The launch comes as part of GCEX’s mission to enhance innovation and technology in the prime brokerage space.

At the time Lars Holst, CEO of GCEX, said, “The GCEX open API offers greater transparency, empowering clients to make more informed trading and portfolio decisions and respond on a timely basis to regulatory requirements. By providing instant access to key data through our open API, we are making it easier for our clients to optimize their trading operations and reporting capabilities.”

Another employee at UAE crypto exchange Midchains leaves

Another employee at UAE crypto exchange Midchains leaves

Another Midchains employee has left for other opportunities in the UAE. Yesterday Scintilla announced that it had appointed the former compliance officer from Midchains to lead their compliance operations, while OKX has also appointed former Midchain’s Head of Operations as Head of Trading in Dubai. Liam Birch joins OKX after serving as Head of Operations at Midchain, previously also working with Rain crypto broker.

For those unfamiliar with Midchains, is a fully regulated virtual asset trading platform and custodian, backed by investors including Mubadala, ADQ, MIAX Exchange Group, and more.

Liam in a LinkedIn post stated, “I’m thrilled to announce that I’ve joined OKX as the new Head of Trading in Dubai! I’m beyond excited to be part of such an innovative and dynamic team at one of the world’s leading virtual asset platforms. October marked a major milestone for OKX with the receipt of their VARA license, reinforcing the commitment to regulatory compliance and setting new standards in the industry. Additionally, they became the first global cryptocurrency exchange to launch AED pairs, further solidifying the dedication to bringing secure, accessible, and regulated solutions to the market.”

This comes after Scintilla, an institutional-grade tokenization solution provider, which recently acquired UAE regulated TOKO a crypto exchange appointed the previous head of compliance at Midchains, Janey Schueller, as Chief Compliance Officer. Scintilla viewed this key leadership addition as the company continues to expand its innovative digital asset creation platform and strengthen its compliance framework.

The last time Midchains had a major announcement was in 2022. At the time UAE Midchain’s, crypto exchange partnered with UAE Al Maryah Community Bank, a digital bank to provide a secure channel for investing and trading cryptocurrencies and digital assets through the bank’s establishment of escrow accounts in UAE dirhams to protect investors’ funds on cryptocurrency trading platforms and boost their trust.

On LinkedIn, Midchains has been posting job opportunities that include the hiring of a Cloud & IT Administrator in Dubai, as well as a Director of Operations.

It is interesting to see that as the crypto exchange market becomes more competitive in the UAE, we will see more talents moving from one operation to another. Could this lead to consolidations amidst the crypto trading ecosystem, it might!

UAE Further Ventures invests $5 million in GRVT decentralized crypto exchange

UAE Further Ventures invests $5 million in GRVT decentralized crypto exchange

UAE based Further Ventures, capital markets investment firm, has invested $5 million in GRVT, a regulated Decentralized exchange. The investment will be utilized to drive GRVT’s Middle East expansion and license progress.


GRVT (pronounced “gravity”), a regulated DEX, on its blog, believes the investment marks another significant milestone for GRVT, following its recent achievement of securing a Class M (“Modified”) Digital Asset Business License from the Bermuda Monetary Authority (BMA), making it the world’s first regulated DEX.

As a strategic partner, Further Ventures will provide essential support in product development, legal and regulatory guidance, talent recruitment, and business development, enabling GRVT to enhance its offerings for both retail and institutional traders across the Middle East. This will accelerate GRVT’s growth, strengthening its position as the first licensed blockchain-settled exchange and underscoring its next goal of securing a Abu Dhabi Global Market (ADGM) capital markets license.

“We are thrilled to this strategic round and have the support from Further Ventures as we continue to redefine the future of crypto exchanges,” said Hong Yea, Co-Founder and CEO of GRVT. “This investment is a crucial step in our expansion into the Abu Dhabi market, whose innovative crypto ecosystem and progressive regulatory frameworks make it an ideal base as we aim to lead the compliant DeFi development across the Middle East region. With Further Ventures’ backing, we’re well-positioned to meet the needs of both retail and institutional investors here.”

“GRVT is redefining the convergence of DeFi and TradFi with a compliance-first, self-custody approach,” said Mohamed Hamdy, Managing Partner at Further Ventures. “By integrating the efficiency and familiarity of traditional financial systems with the security and transparency of blockchain technology, GRVT is setting the stage for the future of global finance. This visionary blend of innovation and responsibility aligns perfectly with our mission to lead the region in shaping the next era of digital assets and financial services.”

GRVT launched its Mainnet Alpha in December 2024, reaching a 30-day trading volume of nearly $1.3 billion and an all-time high 24-hour trading volume of $88 million.

Earlier this month, Further Ventures, led a $16 million investment Series A round in French digital asset wallet and custodian developer, DFNS, DFNS, which was launched in 2020, and has operations both in Paris and New York aims to compete against FireBlocks and Ledger. Using the funds raised both in 2022, $12 million and that raised in January 2024 $16 million, the startup plans to accelerate its development to meet requirements of financial institutions.

Central Bank of Bahrain grants crypto trading license to Fasset

Central Bank of Bahrain grants crypto trading license to Fasset

The Central Bank of Bahrain (CBB) has granted a Category 3 license to Fasset Financial Services, a Crypto Asset Service Provider, to operate in Bahrain, allowing the company to provide crypto-asset trading services. Fasset joins the ranks of Binance, Crypto.com, CoinMENA, BitOasis and others in Bahrain who are now offering regulated crypto service activities. The total number of crypto VASP licensed in Bahrain is now eight.


Abdulla Haji Director – Licensing Directorate, CBB noted, “We are pleased to announce the issuance of a license to a new Crypto Asset Service Provider in the Kingdom of Bahrain, marking our continuous commitment to fostering a robust and progressive regulatory environment. This reflects CBB’s continued efforts to create a secure and transparent ecosystem for businesses and investors in the digital asset space, in addition to the increased appetite for crypto services regionally and globally. By maintaining high standards of compliance and innovation, we remain dedicated to strengthening Bahrain’s position as a regional leader in fintech.”

Mr. Mohamed Sabra, General Manager and Board Member at Fasset Financial Services W.L.L., said that, “We are honored to receive this license from the Central Bank of Bahrain, marking a significant milestone in our mission to democratize access to digital assets in the region. This approval underscores Bahrain’s progressive stance towards fintech innovation and reinforces our commitment to providing secure and compliant digital asset products. We look forward to contributing to the Kingdom’s dynamic digital economy and supporting its vision for continued leadership in financial innovation.”

Fasset has also received a VASP crypto broker license in the UAE from Dubai’s regulatory VARA back in November 2023. Since then it has launched its application in the UAE as well as embarked on a gold tokenization product.

UAE M2 crypto exchange to offer crypto lending in 2025

UAE M2 crypto exchange to offer crypto lending in 2025

UAE licensed crypto exchange M2, has announced that it will be introducing new products and services including crypto lending in 2025.

The press release noted that M2 has refocused its treasury division to serve high-net-worth individuals (HNWIs), family offices, and institutional clients with bespoke offerings. The company has also expanded its structured products team, recruiting specialists to enhance its capabilities.

In terms of the upcoming product line of services, M2 will be offering what is called enterprise earn, a white-label solution that enables enterprises to deliver market-leading yields directly to their customers—unlocking new value and revenue streams for businesses.

It will also be offering a crypto lending product that it will launch this month in January 2025. The solution will allow users to borrow stablecoins against their crypto assets, preserving ownership while enhancing liquidity.

Finally the crypto exchange will be offering its M2 Card which it will launch in Q1 of 2025. The Crypto debit card enables users to seamlessly manage and spend their digital assets based on personal preferences.

In October 2024, Stefan Kimmel, the CEO of M2, regulated crypto exchange out of Abu Dhabi UAE, moved on to a board position and was replaced by Saadeddine Zaher. As per the announcement, Stefan will remain an integral part of the M2 family as he joins the Board of Directors and takes on a new role within the broader Group, where he will focus on the development of digital asset projects.

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA the first and only Crypto exchange in MENA to list Ripple stablecoin

CoinMENA, a regulated crypto broker with licenses in the UAE and Bahrain, is one of the selected crypto exchanges globally to be listing 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.

Ripple which today launches its Ripple USD (RLUSD) on global exchanges has chosen CoinMENA, Uphold, MoonPay, Archax, Bitso, Bullish, Bitstamp, with Mercado Bitcoin, Reserve, Zero Hash and others expected in the coming weeks.

CoinMENA Founders, Dina Sam’an and Talal Tabbaa commented, “We are proud to be the first and only platform in MENA to list RLUSD, the latest stablecoin in the market. Demand for stablecoins is exploding in the region, driven by diverse and growing use cases, we are seeing from our user base. Stablecoins are by far the most popular use case in the crypto today, and this listing reflects our commitment to providing the latest crypto financial solutions that meet the evolving needs of our users.”

Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents—designed to ensure its stability, reliability, and liquidity. To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD will be utilized for financial use cases and allows institutions to, facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, and a reliably bridge between traditional fiat currencies and the crypto ecosystem, ensuring a seamless and efficient transition when entering (on-ramping) or exiting (off-ramping) the crypto space.

It will also be used to provide collateralization for trading tokenized real-world assets such as commodities, securities, and treasuries onchain.

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.

 RLUSD is available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments. Joining the Advisory Board provides me an opportunity to counsel RLUSD as it embarks on its journey in the rapidly evolving financial landscape,” said Raghuram Rajan, former Governor of the Reserve Bank of India.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery, former First Vice President and Chief Operating Officer at the Federal Reserve Bank of Boston. “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”

BitPanda crypto exchange steps out of Europe to UAE

BitPanda crypto exchange steps out of Europe to UAE

Bitpanda, a European crypto platform, has obtained an in-principle approval from the Virtual Assets Regulatory Authority (VARA), as its first expansion outside of Europe. BitPanda received the in-principle approval only after 8 months since submission.

As per the press release, once officially licensed, Bitpanda will be able to commence operations in the UAE as Bitpanda Broker MENA DMCC.

The expansion follows a series of strategic moves, including the establishment of its Dubai office at the DMCC Crypto Centre earlier this year, onboarding a team of regional experts, and forming key partnerships with financial institutions such as The National Bank of Ras Al Khaimah (“RAKBANK”) and CoinMENA, one of the UAE’s leading licensed crypto platforms.

Eric Demuth, Co-Founder and CEO of Bitpanda, commented, “In Europe, we have built a reputation as the most trusted and regulated digital asset platform. Now, we are scaling this proven model globally, with Dubai and the UAE serving as our strategic launchpad for international expansion. The opportunities are immense, and we are uniquely positioned to seize them – both as Europe’s leading crypto broker and as a top infrastructure provider in the digital assets space.”

Fabian Reinisch, General Counsel of Bitpanda, added: “Securing VARA’s in-principle approval in under eight months reflects the strength of VARA’s progressive regulatory framework and Bitpanda’s steadfast commitment to compliance and innovation. For over a decade, we have demonstrated that a compliance-first approach is the only path to sustainable and responsible growth in our industry. Now, we are extending this approach to markets beyond Europe.”

As it expands into the Middle East, Bitpanda is taking a decisive step toward a truly global presence, reaffirming its role as a pioneer in driving the adoption of digital assets around the world.

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

Versifi an OTC crypto trading and lending firm receives initial approval from ADGM in UAE

VersiFi, a crypto and digital asset trading and lending firm, has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM in UAE.

As per the announcement, subject to final regulatory approval, VersiFi will launch a fully regulated digital asset trading solution for institutional clients from its new global headquarters in ADGM.

VersiFi’s ADGM presence is led by a team of exceptional financial services executives whose experience spans both digital and traditional assets at firms such as the Abu Dhabi Investment Authority, ADS Securities, Deutsche Bank, Credit Suisse, Gemini, Interactive Brokers, JP Morgan, Standard Chartered and the Royal Bank of Scotland.

VersiFi is working to address the IPA conditions and, subject to FSRA’s approval, plans to offer institutional clients a full trading solution, that will include direct Market Access (DMA) to leading digital asset trading venues; market-leading algorithmic trading that improves trade execution and efficiency; bilateral OTC trading in both spot and derivatives; powerful tools for real-time portfolio and risk management; a full range of KYC and AML protocols and segregated custody via secure, third-party digital asset custodians.


“ADGM has established one of the most robust and dynamic regulatory frameworks in the world and they are taking a leading role in the responsible regulation of digital assets,” said Sameer Shalaby, CEO, VersiFi.

“The FSRA has impressed us with its diligence and collaborative approach and we are committed to building and upholding the highest level of integrity and security as part of the progressive financial services community in the UAE. Receiving our IPA is a validation of our vision and an important step for VersiFi as we to contribute to the region’s digital asset growth story while building our own.”

“We are delighted to be the first DMA and OTC trading firm to be granted IPA,” said John Livingstone, ADGM Regional Head, VersiFi. “We are focused and actively working with the FSRA to comprehensively address all the IPA conditions and we are looking forward to serving clients globally from our ADGM headquarters.”

VersiFi is fully committed to the UAE, and subject to the regulatory approval and receipt of the Financial Services Permission, the company plans on making further investments to expand its presence in the region.

BitOasis receives full VASP crypto broker license in UAE

BitOasis receives full VASP crypto broker license in UAE

BitOasis, the first local UAE crypto broker has finally received its full Virtual Asset Service provider license from VARA ( Dubai Virtual Asset Regulatory Authority). As per the VARA website BitOasis can now offer crypto broker services servicing both retail and institutional clients.

In June 2024 crypto broker received its first license in the GCC and MENA region from Bahrain. The Category 2 license allows BitOasis to offer crypto asset services from the Central Bank of Bahrain. Prior to the crypto broker receiving its license in Bahrain, CoinMENA, RAIN, ARP Digital and Binance had already received licenses.

ARP Digital, CoinMENA and Rain all hold a category 3 license, while only Binance holds a category 4 license. As such BitOasis will be the only category 2 license in Bahrain so far.

The company said in a blog post it will seamlessly transition to operating under its new license with immediate effect. It noted, “Securing the full VASP License marks the final step in VARA’s licensing process for the platform’s current activities, and represents a major milestone in BitOasis’ journey, opening a new chapter in the company’s work with VARA, the world’s first dedicated virtual assets regulator.”

As a homegrown industry pioneer, BitOasis was among the first platforms to secure a provisional operating permit from VARA shortly after the regulator’s launch in 2022.

Ola Doudin, Co-Founder and CEO of BitOasis, said, “This is a very significant moment for BitOasis and the broader virtual assets community in the region. Securing the full VASP License is not only a testament to our team’s dedication to regulatory compliance but also reinforces our resolve to lead the industry with integrity and accountability. We are grateful to VARA for their guidance and support throughout this process. We are excited to continue our growth and further enhance our products to meet the rapidly evolving needs of our clients.”

After takeover by Scintilla, registered crypto exchange TOKO rebrands in Dubai

After takeover by Scintilla, registered crypto exchange TOKO rebrands in Dubai

Scintilla, a platform delivering onchain solutions has bought out TOKO FZE registered and licensed out of Dubai UAE by VARA ( Virtual assets regulatory authority) as a crypto exchange and broker.

Originally developed within DLA Piper’s Law& innovation portfolio, the former TOKO brand has evolved into Scintilla with a fresh identity, new leadership, and groundbreaking product offerings.

Scintilla offers a range of tokenization services that bring liquidity, transparency, and efficiency to traditional financial sectors. By enabling the tokenization of various financial products, real estate, and new legal funding instruments, Scintilla empowers investors to access previously untapped and illiquid asset classes, fostering inclusivity and transforming how the world invests.

Advisory Services:
The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions.
Use Case Development:
Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch.
Broker/Dealer Services:
Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space.
Exchange Services:
Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.

“Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”

Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience at DLA Piper, added, “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”