Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, collaborated with virtual asset service provider CoinMENA FZE, to provide users with a seamless and secure onramp from fiat to crypto via card deposits.
The announcement was made at a signing ceremony led by Pankaj Kundra, Group Head of Products, Partnerships, and Enterprises at Network International, and Talal Tabbaa, CEO of CoinMENA.
CoinMENA is regulated and licensed by Dubai’s Virtual Asset Regulatory Authority, and the Central Bank of Bahrain. CoinMENA enables investors to buy, sell, send, receive, and store digital assets safely and securely.
CoinMENA Co-Founders Talal Tabbaa and Dina Sam’an said in a joint statement, “Partnering with Network International, the leading enabler of digital commerce in the MENA region, marks a significant milestone in our commitment to providing our users in the UAE with seamless and secure onramps to crypto. With the ability to deposit fiat to their CoinMENA wallet instantly via cards, our users can now experience a streamlined and efficient process. This aligns with our mission to continually enhance the accessibility and convenience of crypto services. We look forward to leveraging Network International’s industry leadership in the UAE and providing the best experience possible for our users.”
Pankaj Kundra, Group Head of Products, Partnerships and Enterprises at Network International, said, “Network’s legacy of 30 years of providing cutting-edge payment solutions allows us to capitalise our experience and expertise across next-generation platforms such as crypto and digital asset financial services. Our collaboration with CoinMENA will provide UAE investors with an additional option to use their cards to fund their CoinMENA wallets.”
He added, “Deposits using cards is the most convenient way for users to fund their crypto wallets. We look forward to supporting CoinMENA by strengthening their onramp capabilities, through our best-in-class N-Genius payment gateway. Our partnership further reaffirms our commitment to streamline digital payments in the region in line with the UAE’s bid to become a financially inclusive and cashless economy.”
Recently CoinMENA expanded its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.
M2, the UAE regulated crypto exchange has launched a token loyalty reward program. By simply holding MMX tokens, users win a guaranteed share of up to 300,000 USDT. The campaign aims to reward al MMX token holder on M2 exchange.
The campaign, which runs March 8th to April 19th, offers participants the chance to win their share of a 300,000 USDT simply by holding MMX tokens in their M2 wallet.
How does it work? It is simple, hold a minimum of 200 MMX tokens in a M2 wallet to qualify for entry into the draws. The more MMX tokens held, the greater your chances of winning. Existing MMX holders are automatically eligible for the draw from the campaign’s launch date. New customers can join the campaign by purchasing 200 MMX tokens during the campaign period.
The campaign will conclude with a final draw on April 19th at the Token2049 event in Dubai, featuring a top prize of 10,000 USDT from a guaranteed prize pool of 100,000 USDT.
“Our MMX token promotion campaign underscores our commitment to rewarding our loyal community members and driving engagement within the MMX ecosystem,” said Stefan Kimmel, CEO of M2. “We’re excited to offer this exclusive opportunity to our valued MMX holders and look forward to seeing the positive impact it has on our community.”
To qualify for the MMX Loyalty Rewards, participants are required to hold their MMX tokens within an M2 wallet. All M2, MMX holders, whether existing or new, are eligible to participate in the campaign from the day of its launch subject to the exclusions specified in the Terms and Conditions. This inclusive approach ensures that all members of the MMX community have the opportunity to take part and potentially win big.
To participate in the campaign, MMX holders simply need to ensure they hold a minimum of 200 MMX tokens in their M2 wallet. Existing holders are automatically entered into the draw, while new customers can join by purchasing 200 MMX tokens during the campaign period.
This offer is from M2 Global Wealth Limited, a registered Digital Asset Business regulated and authorized by the Securities Commission of The Bahamas. It is not a product offered by M2 Limited; M2 Custody Limited, which is regulated and licensed by the Financial Services Regulatory Authority of Abu Dhabi Global Market.
Stepping away from his operational role at UAE’s Crypto Oasis venture entity, the Middle East blockchain ecosystem, Saqr Ereiqat Co-founder of Crypto Oasis Ventures, has joined Indian headquartered, TDMM, crypto trading firm as CEO, and as a partner at TradeDog Group, a global crypto ventures conglomerate that carries out research, education, media, consulting, incubation, and trading.
TradeDog Group has grown to become one of the most prominent and diversified groups in the crypto space, with a presence in over 20 countries and a network of over 500 partners and collaborators. TradeDog Group’s mission is to empower and educate people and businesses about crypto and blockchain technology and to foster a vibrant and inclusive crypto community.
While TDMM is an established crypto trading firm builds scalable liquidity on digital assets, generating over $5 billion in trading volume. With a team of 30+ professionals across 20+ countries, TDMM serves 40+ clients across Defi, GameFi, and Infrastructure.
Under Ereiqat’s leadership, both TDMM and TradeDog Group are set to expand their reach and influence in the blockchain and digital assets market.
Reflecting on his new position, Ereiqat shared his enthusiasm and vision for the future stating, “I am thrilled and honoured to join TDMM as its new CEO and the TradeDog Group as a partner. I look forward to working with the team to build scalable liquidity on digital assets, position ourselves as global leaders, and create value for our clients, partners, and stakeholders.”
Gaurav Dubey, the founder and chairman of TradeDog Group, expressed his enthusiasm about Ereiqat’s appointment added, “We are delighted to welcome Saqr Ereiqat as our new CEO and partner. After all, the TradeDog group is nothing but a few distinguished leaders like Saqr, who are determined to add value to the world and make finance as accessible as food to the 8 Billion people of the world. We are excited to have him and empowered now, more than ever, to achieve greater heights.”
The Dubai based entity of WadzPay, WPME Technology, which specializes in blockchain based technology for virtual assets has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities, better known as crypto broker license, by Dubai’s Virtual Assets Regulatory Authority (VARA).
The crypto broker licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.
As per the press release, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.
Mr. Anish Jain, Founder & CEO, WadzPay stated “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”
WadzPay aims to revolutionise the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.
Mr. Ram Chari, Board Member and Group Director, WadzPay quoted “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner. “
To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasised, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”
WadzPay received its initial approval for a license back in October 2023.
In 2022, KSA based Geidea, a leading fintech company in Saudi Arabia and Blockchain based payments solutions, WadzPay Middle East Technology forged a new strategic partnership to power the transformation of pilgrimage payments.
WadzPay had been strivign to obtain a Blockchain settlement and payment license from VARA in Dubai, yet this will need further framework and direction from the Central Bank of UAE.
Fastex, a crypto exchange, payments gateway and ecommerce platform, has set up an office in Dubai World Trade Center, as it seeks a license from Dubai’s virtual asset regulatory authority (VARA). Fastex has already received initial approval from VARA.
As per the press release, Fastex chose the office because of its proximity to VARA. As stated, “This proximity enhances Fastex’s ability to work closely with the authority and expedite the licensing process as a Virtual Asset Service Provider (VASP). In addition to the office opening, Fastex has received initial approval from VARA to conduct Broker-Dealer and Exchange operations, highlighting its commitment to regulatory compliance.”
Vardan Khachatryan, the Chief Legal Officer and Member of the Board of Directors at Fastex, stated, “Opening our new Dubai World Trade Center office is a noteworthy step in Fastex’s growth strategy. This move underscores our commitment to adhering to industry standards and maintaining high-quality service in the digital asset field. Being located in the DWTC, close to VARA and other key industry participants, positions us well to offer reliable and regulated services to our clients.”
Fastex will be participating at the AIBC Summit in Dubai UAE. They announced on X platform that they were nominated for best exchange of the year award.
This comes as DKK Partners FZE, subsidiary of DKK Partners a fintech company also announced that it has been granted an initial approval by the Dubai Virtual Assets Regulatory Authority (VARA) for crypto brokerage dealer services.
So far more than 11 crypto exchanges have received licenses in UAE.
In 2023 and earlier this year in January, the UAE licensed in total 13 crypto exchanges and crypto brokers. This came at the backdrop of a more robust virtual asset regulatory ecosystem both in Dubai and Abu Dhabi, as well as a heightened awareness and interest in investing in crypto tokens, virtual assets, and digital assets.
The most important question to many who are either already investing and trading in crypto or who are just getting started is which crypto exchange or broker can serve me best. The article will look into each crypto exchange and compare them to offer a more transparent mirror of the licensed and regulated crypto exchanges in the UAE.
OKX:
Starting with OKX is mainly because it is the first global exchange to receive a virtual asset license to operate their crypto exchange in the UAE. OKX received the license in January 2024, yet is still not fully operational as it finalizes certain requirements requested by Dubai’s virtual asset regulatory authority VARA.
However when it does start, it will offer more than 350 crypto tokens. So other than the basic offering of trading tokens or trade pairs on the spot, margin and derivatives markets, it also offers managing of DeFi portfolios, buying and selling NFTs, earn crypto in our mining pools, and take out crypto collateralized loans.
But wait all these products are not available to UAE retail and institutional clients. So far, OKX’s approved suite of duly regulated virtual assets activities includes spot services and spot-pairs, via the OKX App and OKX.com exchange.
The UAE VASP License also allows OKX to offer AED deposits and withdrawals.
OKX also announced that it has developed its Arabic website to meet the needs of users in the MENA region.
Finally OKX is active on all social media platforms so engaging with the community is available through many channels.
The crypto exchange boasts of over 50 million users in more than 100 countries. It is currently seeking a license in Hong Kong.
CoinMENA
Next in line is homegrown Crypto broker CoinMENA, which is not only now licensed in the UAE but was also one of the first to be licensed in Bahrain. CoinMENA offers the major cryptocurrencies on its platform, 52 in total.
It is fully operational and is authorized to serve Institutional Investors, qualified Investors and retail Investors. It offers spot trading of crypto assets.
CoinMENA already is fully operational and has been serving customers in the GCC and MENA region through its Bahrain licensed entity.
In addition customers can deposit money directly via bank transfer or credit/debit card to a customer’s CoinMENA Wallet, as well as withdraw money from CoinMENA Wallet directly to a client’s bank account.
CoinMENA currently serves over 900,000 users supporting seven countries.
Recently CoinMENA expanded its family office, investor and institutional offering through a partnership with Onramp Bitcoin. Onramp is an international Bitcoin asset management company built on multi institutional custody.
Crypto Exchange
Regulatory Status
Presence in
OKX
Crypto Exchange
HongKong UAE
Fasset
crypto broker
UAE
CoinMENA
crypto broker
UAE Bahrain
GCEX
Institutional crypto Exchange
UAE Denmark UK
FUZE
Crypto broker
UAE
BackPack Exchange
crypto exchange
UAE
Toko
Crrypto exchange/broker
UAE
Laser Digital
Crypto Broker
UAE
RAIN
Crypto broker
UAE Bahrain
M2
Crypto exchange
UAE
Glomex
Institutional crypto exchange
UAE
Matrix
Institutional crypto exchange
UAE
Midchains
Institutional crypto exchange
UAE
Venomex
Institutional crypto Exchange
UAE
M2
M2 is a UAE Abu Dhabi Homegrown crypto exchange. It received its license back in November 2023 from ADGM. It was recognized as a fully regulated Multilateral Trading Facility (MTF) and Custodian and is now able to on-board UAE residents and institutional clients.
M2 offers spot trading and currently has 50 crypto tokens to choose from.
It will also be able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with a local bank in the near future.
One of the strengths of M2 is that it is backed by strong investors, one of which is a Bitcoin mining conglomerate, Phoenix Group that helps M2 to offer its Bitcoin Earn Product. The product was launched in partnership with Phoenix crypto mining group and offers yields that reach up to 10.5%.
M2 has an equity investment of $300 million as well.
RAIN
RAIN crypto broker and exchange was the first crypto broker to receive a license in the MENA region. Its operations started in Bahrain and it is now licensed in the UAE through ADGM in Abu Dhabi.
On the landing page of RAIN the first thing a user sees is the 0% trading fee. RAIN offers 70 crypto tokens to trade with. RAIN also offers crypto swaps.
It also is able to offer AED Fiat On/Off-Ramp: Allow the on/off ramp of AED with ease through its partnership with UAE local banks.
Like most of the major exchanges it has a mobile application, and is present on most social media channels.
Fasset
In November 2023, Fasset received its crypto broker license from Dubai’s regulator VARA. This license follows Fasset’s launch in Indonesia in August, where it partnered with Mastercard Indonesia and telco giant Indosat Ooredoo Hutchison.
Fasset offers five crypto tokens to trade with.
On its website, unlike other crypto exchanges, Fasset states that it offers gold investments using blockchain technology, crypto staking and other products. How much of this they can offer with their license in VARA is not clear. But it would be a surprise if they could offer these with their current license.
Crypto Exchange
Maker Fee
Taker Fee
Currencies
Minimum deposit USD
Trade Limits
OKX
0.08%
0.10%
320
10
100,000 USDT
Fasset
0.10%
1.00%
5
35
1000
CoinMENA
0.75%
0.75%
52
10
No limits
GCEX
No
No
50
50,000
No Limits
FUZE
NA
NA
NA
NA
NA
BackPack Exchange
0.085%
0.095%
NA
NA
NA
Toko
NA
NA
NA
NA
NA
Laser Digital
NA
NA
NA
NA
NA
RAIN
0.15%
0.30%
70
20
No Limits
M2
0.02%
0.04%
30
50
NA
Glomex
NA
NA
NA
NA
NA
Matrix
0.10%
0.20%
7
50,000
No Limits
Midchains
0%
0.40%
17
NA
No limits
Venomex
NA
NA
NA
NA
NA
NA means not available on their website or other sources of information.
Other crypto exchanges
As for the rest of the crypto exchanges and brokers that serve retail and institutional clients and are licensed in UAE, they are Fuze, BackPack exchange, Toko and Laser Digital. These four were licensed by Dubai’s virtual asset authority, but have yet to populate their websites with clear information on their product offering, fees and other information.
Fuze is preparing to launch and its CEO refrained from sharing information until they do.
As for purely institutional investors they can work with the following crypto exchanges who only deal with institutional customers. These are GCEX where the minimum deposit is $50,000 offering 50 tokens.
According to GCEX Managing Director, Mehtap Onder, the exchange doesn’t charge its clients maker and taker fees but just a trading fee.
Then there is Matrix, who also has a minimum deposit of $50,000 but offers just 7 crypto tokens to trade and invest in.
Interestingly Venomex has no information on its fees and offering, and just states on its website, that it will communicate its fees and charges via a notice.
Conclusion
In conclusion, the UAE definitely now has an array of crypto exchanges and crypto brokers that can offer safe and secure means to trade and invest in crypto tokens. It is left up to customers to choose which one they feel more comfortable with, which one offers competitive fees and which ones offer the crypto assets they want to trade.
Users can choose between local, regional and global exchanges to work with. But the future will bring even more. As VARA recently announced, while the regulator awarded 19 regulated VASP licenses in 2023, with 11 already operational, it will be adding 72 more in the coming months.
This could mean that Binance will soon have a license to operate in UAE, as will ByBit, and Crypto.com among others.
As more crypto exchanges enter the UAE as regulated entities, competition will surely increase and this is always a good thing for clients and users, so be prepared.
While over the past months a multitude of crypto exchanges have received licenses both from Abu Dhabi’s regulator ADGM and Dubai’s regulator VARA, OKx is the first top five ranked global crypto exchange to receive a VASP ( non-operational) license in the UAE.
OKX, which now holds the status of the fifth biggest exchange globally according to Coinmarketcap, beat Binance to it.
OKX Middle East Fintech FZE, the Dubai subsidiary of OKX, has received a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) for VA Exchange Services. The license remains non-operational until the company fully satisfies all remaining conditions and select localization requirements defined by VARA, following which it will be able to commence operations, subject to regulatory recertification and approval.
Once operational, the VASP license will allow OKX Middle East to extend its approved suite of duly regulated virtual assets activities and to provide spot services and spot-pairs, to institutional and qualified retail customers via the OKX App and OKX.com exchange.
Rifad Mahasneh, OKX General Manager for the MENA Region, stated, “The future of digital assets and capital markets lies in the hands of regulated entities, and Dubai, along with VARA, has succeeded in establishing a distinctive environment that fosters the growth of Virtual Asset Service Providers. The MENA region holds immense potential to become a hub of excellence for Web3 and virtual assets. We eagerly anticipate the chance to further enhance the already flourishing ecosystem throughout the region.”
In a blog post, Mahasneh comments, “This license is a game-changer. Once operational approval has been received, the VASP License will allow OKX Middle East to offer regulated virtual asset exchange services activities including spot and fiat trading services, AED deposits and withdrawals, and spot trading-pairs. These services will be available to retail and institutional users in-market via the OKX App and OKX.com Exchange.”
Tim Byun, OKX Global Head of Government Relations, added, “Dubai and VARA are world leaders in crypto regulation by establishing the most timely, comprehensive and built from-the-ground-up framework for virtual assets and Web3. This license was a crucial step for OKX as we move from a trust-based system to one that is trustless and empowers users to take control of their financial future. Dubai is an important market for us, and we’re excited to build strong relationships with our users and contribute to the development of its crypto and Web3 ecosystem.”
Last week OKX geared up for its license by announcing its Arabic website.
OKX is gearing up towards its official launch out of the UAE as it awaits its license from Dubai’s virtual asset regulatory authority (VARA) with the launch of its Arabic language website and application for both crypto trading and Web3 services.
As per the press release, this initiative marks a significant step in making digital assets and web3 technologies more accessible to Arabic-speaking audiences.
With the Arabic website and application OKX is catering to the unique needs of different markets, ensuring a smooth and user-friendly experience for Arabic-speaking users.
OKX MENA General Manager Rifad Mahasneh said, “The introduction of the Arabic OKX website and app represents our customer focus and commitment to growth. By offering our exchange and web3 platforms in Arabic, we aim to empower more individuals to participate in the evolving digital economy seamlessly. The addition of Arabic to our global platform brings the total number of languages available to 22, highlighting our global reach and dedication to customer service.”
OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users. OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX announced the establishment of its Hong Kong entity (OKX Hong Kong) in March 2023 for the purpose of applying for the VASP license and operating as a virtual asset trading platform in Hong Kong. In September 2023 OKX announced that it was in its final stretch of its virtual asset service provider (VASP) license in Hong Kong. The exchange is expected to receive approval by March 2024.
In UAE, OKX received its MVP preparatory license from Dubai’s VARA in June 2023 and is still awaiting its final license. In November of 2023, OKX announced the appointment of a general manager for the MENA region based out of Dubai UAE.
In December 2023 the exchange delisted multiple tokens based on user feedback and failure to adhere to its delisting/hiding guidelines, including several privacy-focused tokens. The first batch of delistings will see KSM, FLOW, JST, ANT, FSN, KZS, CAPO, and CVP trading pairs delisted on January 4, 2024. Followed by XMR, DASH, ZEC, and ZEN, delisted on January 5, 2024. This is a requirement by VARA as it does not allow the trading of privacy focused tokens.
Despite the uphill battle that has faced Binance in 2023, in their recent 2023 yearend report, the company stated that they had increased their customer base by 30 percent, with 40 million new users. Binance now has a total of 170 million users.
As per the report, the company is focused on its user base and on strengthening their compliance program. The report states, “We are making important steps toward becoming a truly compliance-led organization. Above all else, we were able to maintain the trust of our growing community, which is fundamental to our mission of advancing the freedom of money globally.”
Binance added, “In 2023, we invested some $213M in our compliance program, up 35% from last year’s $158M\ But money alone does not capture the entirety of our commitment. Binance dedicates significant product and engineering resources to compliance. For example, we have built our own case management system in a matter of months, as well as an internal transaction monitoring engine and built in-house tools to help semi-automate the investigations process. We have applied improved market surveillance controls, especially around wash or circular trading, to our trading platforms, including NFT marketplace, to ensure that the markets that we offer are fair and equitable for all participants.”
In the USA as per the terms of their settlement, Binance will hire an independent anti money-laundering consultant and will be subject to a multi-year financial monitorship, ensuring we receive strong compliance guidance. Binance’s corporate governance structure will evolve as well. A board of at least three independent directors, accountable to all stakeholders, will be the steward and governing body of the organization.
Binance hold licenses, registrations, and authorizations in 18 jurisdictions around the world.
But the crux of their efforts has been once again towards compliance. It invested in localized KYC vendor and product solutions to enhance the user experience and make the onboarding process seamless. They also embedded 10+ electronic ID (eID) solutions globally. Striving to deliver the best user experience, they added support for 298 new ID and proof-of-address documents across 64 countries this year.
The crypto exchange also processed over 58,000 law enforcement requests, serving some 13,000 registered officials worldwide through their Government Law Enforcement Request System. This is an improvement over 50,000+ requests that Binance handled in 2022.
Binance still awaits to receive a license in the UAE, and formally make the UAE one of its regional headquarters as a licensed entity.
The Dubai Virtual asset regulatory authority public register continues to have UAE based BitOasis, crypto exchange on a “non operational” MVP Operational license status after a server glitch which had removed BitOasis from the registry for sometime totally today. This comes after months of BitOasis being on an inactive status, yet within Abu Dhabi’s regulatory body ADGM and FSRA BitOasis has a withdrawn its license application.
BitOasis has been working since July 2023 to fulfill select conditions associated with its Operational MVP License with respect to serving Institutional and Qualified Retail Investors, yet it seems that this is still ongoing with no change in its status to date.
BitOasis license in ADGM Abu Dhabi UAE, under the registered company name BLEX Financial limited has been withdrawn as well. In 2021 BitOasis had announced in a press release that its ADGM registered entity “had been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) and is currently working towards the migration of its operations towards launch in ADGM”, this seems to have been put to a halt.
In August, the Dubai based crypto exchange received a capital injection aimed at supporting BitOasis. The capital injection came from Indian crypto exchange CoinDCX. At the time, Ola Doudin, Co-Founder and CEO of BitOasis said: “We are delighted to be working with CoinDCX, India’s leading crypto platform. The investment will allow us to sharpen our focus on perfecting our existing products and expanding across our markets. We are very excited about the opportunities the funding will unlock for us.”
At the time of investment, BitOasis was undertaking mass layoffs.
Yet CoinDCX has not sought for a license in either ADGM or VARA.
Given that BitOasis is not licensed in ADGM and its license status is non active in Dubai’s VARA registry, does that make it an illegal VASP operating in the UAE, this is especially important after the Central Bank issued its recent guidance for combating the use of unlicensed virtual asset service providers.
As per BitOasis blog, in March 2022, BitOasis received a provisional approval from Dubai’s Virtual Assets Regulatory Authority [VARA] to continue its business operations in Dubai whilst it undertakes the [in-depth] process of applying for a license in accordance with the VARA requirements. It is on this basis that the exchange is still operating today notes BitOasis.
This article has been updated as VARA website has reinstated BitOasis on their registery.
