Dubai authorities investigated $65.3 million worth of crypto money laundering

Dubai authorities investigated $65.3 million worth of crypto money laundering

During the years between 2022 and 2024 Dubai Police revealed that they had conducted money laundering financial investigation cases including $16.3 million ( 60 million AED) in virtual assets, or crypto asset cases. This did not include a case where The Dubai Economic Security Center disrupted a $49 million crypto money laundering operation. Both investigations led to a total of $65.3 million crypto money laundering investigation cases.

Between 2022 and 2024 Dubai Police had conducted a total of 500 money laundering cases totaling $1.1 billion ( 4 billion AED).

Lt-Gen Abdulla Khalifa Al Marri, Commander-in-Chief of Dubai Police, noted that these achievements reflect the UAE’s dedication to combating money laundering and enhancing international cooperation to tackle financial crimes. “Through the UAE National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organizations Committee, the force strategically coordinates with key partners to fight financial crimes,” he said.

“Our efforts encompass human resources development and specialised training for our officials such as the International Diploma in AML and Terrorist Financing, launched in cooperation with the United Nations Office on Drugs and Crime. The programme has trained 116 professionals from relevant national organisations,” Al Marri revealed.

Lt-Gen Al Marri explained that Dubai Police has demonstrated exceptional commitment to intelligence sharing, exchanging 1,733 financial crime-related dossiers with international partners over the last three years. “These exchanges have been facilitated through organisations such as INTERPOL, Europol, and regional and Gulf networks. Additionally, Dubai Police has signed numerous Memoranda of Understanding (MoUs) with global counterparts to bolster law enforcement cooperation,” Al Marri confirmed.

Expert Maj-Gen Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs, highlighted the role of advanced technologies in enhancing investigative capabilities. “Dubai Police leverages cutting-edge artificial intelligence and specialized task forces to uncover illicit activities, apprehend perpetrators, and work closely with international law enforcement to combat money laundering effectively,” Al Mansouri noted.

Dubai Economic Security Centre disrupted $49 million crypto money laundering operation

The other successful operation, a collaboration between Dubai Economic Security Centre and the Public Funds Prosecution in Dubai disrupted an international organized crime network involved in money laundering operations worth $49 million (180 million AED) using cryptocurrencies. It involved 30 individuals and three companies. The network, which conducted complex money laundering operations worth AED180 million using cryptocurrencies, operated across the UK and Dubai. Investigations revealed that the network laundered cash in the UK through unlicensed cryptocurrency intermediaries present in the UK and Dubai.

Dubai Police working with crypto exchanges and Blockchain Intelligence firms

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

Additionally Dubai Police also partnered with Crystal Intelligence an advanced blockchain analytics and on-the-ground intelligence firm empowering financial institutions, governments & regulators in the fight against cryptocurrency crime.

UAE headquartered crypto exchange FreedX raises $50 million

UAE headquartered crypto exchange FreedX raises $50 million

Freedx, a cryptocurrency exchange with its headquarters noted to be in Dubai UAE, yet unregulated in the country till now, claims that it has raised $50 million in a funding round. The $50 million fundraising will enable Freedx to accelerate platform enhancements, expand global reach, and strengthen its customer support capabilities. While the crypto exchange notes that it has secured regulatory permission in Panama and a BTC license in El Salvador, it is taking steps to expand its compliance efforts globally.

As per the press release, the investment reflects investor confidence in Freedx’s approach to offering a platform designed with a focus on clarity, simplicity, and advanced trading tools.

The exchange aims to fill a vital gap in the market by combining advanced capabilities—such as optimized order routing, real-time analytics, and frictionless execution—with a sleek, user-friendly interface. Since its inception, the Freedx team has grown to nearly 100 members dedicated to building a transparent, efficient, and secure trading environment.

“At Freedx, we believe that trading should be as seamless and transparent as possible. This fundraise validates our vision to build a platform that prioritizes traders’ needs above all else. We’re thrilled about the opportunity to continue developing innovations that empower our community and drive the industry forward.” said Jonathan Farnell, CEO, Freedx. 

The roster of executives include Anton Golub, as Chief Investment Officer. Anton is based in Dubai UAE, and is well known in the blockchain space and crypto space, yet on his own LinkedIn page he does not mention his affiliation to the crypto exchange.

DIFC Julius Baer and Euroclear prepare whitepaper on tokenization in wealth transfer

DIFC Julius Baer and Euroclear prepare whitepaper on tokenization in wealth transfer

DIFC Innovation Hub, the start-up and innovation hub operating out of Dubai International Financial Centre (DIFC), a global financial centre in the Middle East, Africa and South Asia (MEASA) region, is collaborating with global Swiss wealth management firm, Julius Baer, and the Financial Market Infrastructure Euroclear, to lead on tackling challenges in the digital asset estate planning space with tokenization of assets being studied for wealth transfer.

The collaborative innovation project, organised by DIFC Innovation Hub, will bring together innovators, investors, and subject matter experts from across the wealth management value chain to explore how families can best use technology to manage rapidly expanding portfolios of tokenized and digital assets.

DIFC’s Innovation Hub experts will work closely with Julius Baer’s global innovation team and Euroclear’s innovation centre of excellence for a three-month sprint that will result in a white paper detailing a future-oriented solution for succession planning relating tokenization applied to multi-generational inheritance. The analysis and subsequent findings will serve as a blueprint for other geographies looking to turn similar challenges into opportunities.

It is estimated that AED 3.67trn (USD 1trn) in assets will be transferred to the next generation in the Middle East over the coming decade. However, only 24 per cent of High-Net-Worth Individuals have a full estate plan in place. Fast adoption of various digital asset classes by individuals and businesses also poses potential complexities to a seamless execution of estate plans currently in place. The DIFC Innovation Hub, Julius Baer and Euroclear collaboration will help bring tangible solutions to this global challenge.

Mohammad Alblooshi, Chief Executive Officer, DIFC Innovation Hub, commented: “The region is witnessing a trend of generational wealth being deployed across a variety of digital asset classes to diversify and future-proof their portfolios. By bringing together global leading entities across wealth management, financial services providers, tech disruptors and regulators, this newly launched innovation project will help transform one of the largest, underserved markets in the region and open doors to a more inclusive and tech enabled future for family businesses and the wealth management industry.”

Alireza Valizadeh, CEO, Julius Baer (Middle East) Ltd, said, “Generational wealth transfer is gaining momentum in the UAE, and we, as Julius Baer, are in a unique position to advise our clients having had our origins as a family business. On the occasion of Julius Baer’s 20-year anniversary in Dubai, I am hoping that this innovation project will showcase how we can work together to stay relevant to our future clients and provide a vision highlighting the evolution of the private banking industry especially with the onset of digital assets.”

Philippe Laurensy, Head of Group Strategy, Product Management and Innovation at Euroclear, added, “As a trusted financial market infrastructure we have a strong commitment to collaborate with the market providing innovative solutions to our clients. We are extremely pleased to be working with DIFC Innovation Hub and Julius Baer on what we see as a transformative journey to address market gaps and create efficiencies by harnessing the power of tokenization. By validating and unlocking the benefits of smart contracts we have the potential to redefine the narrative of wealth management, creating solutions that could span generations.”

In October 2024, The Dubai International Financial Centre (DIFC) Courts in partnership with The Hashgraph Association and its partner in the UAE Deca4 Consultancy launched a DLT Hedera enabled Digital Assets Will solution.

The Digital Assets Will empowers individuals to distribute their digital assets using a non-custodial DIFC Courts wallet. A non-custodial wallet also allows an individual the freedom to reallocate the assets to the desired beneficiaries within their wallet, and for full control to mobilize in and out of the wallet in their lifetime, with assets finally distributed as ‘specific gifts’.

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!

Solana to hold Economic Zone event in Dubai UAE

Solana to hold Economic Zone event in Dubai UAE

Solana and its Superteam in Dubai has announced the launch of the Solana Economic Zone in Dubai UAE an event aimed for innovation, community building, and collaboration.


In the twitter post, Alex Scott, Solana’s Middle East Lead, stated, “We are creating a space where policymakers, capital allocators, and Web3 engineers can come together to engage, innovate, and build. Dubai is uniquely positioned to support this vision with its progressive governance, vibrant culture, and commitment to technology.”


Scott sees Dubai as developing itself as the next crypto hub, with many businesses already cementing themselves in the city.
Farhaj Mayan, Co-Founder of Forma expressed his excitement with the launch of the Solana Economic Zone, a two week think tank and conference that will help startups build skills and accelerate ideas.


The Solana Economic Zone is built on three pillars: content, capital, and community. These pillars are designed to provide a comprehensive platform for innovation and engagement.


Farhaj adds that there will be demo days where startups and entrepreneurs can get connected to VCs, and regulators. The event will be held from April 14th until the 26th 2025.

Last year Solana set up its presence in Abu Dhabi in ADGM ( Abu Dhabi Global Markets). ADGM and Solana collaborated to further expand ADGM’s existing offerings by exploring opportunities for joint initiatives and projects related to the development of the blockchain company ecosystem in Abu Dhabi. Prior to this in 2023, Solana set up it presence in Dubai at the DMCC.

The UAE is not the only country Solana is interested in, droppGroup (“dropp”), with offices in USA, Saudi Arabia and Canada, integrating AI and blockchain technologies, partnered with Blockchain Solana Superteam as well.

OFZA Crypto exchange now licensed by Dubai’s Regulator

OFZA Crypto exchange now licensed by Dubai’s Regulator

OFZA, a UAE established cryptocurrency exchange that provides seamless and secure crypto trading offering has secured a full VASP license from Dubai’s Virtual Asset Regulatory Authority (VARA). As per the license, OFZA will be able to offer crypto broker-dealer Services, crypto exchange services, management and Investment Services as well as advisory services to both retail and institutional investors as well as qualified investors in the UAE.

With the license from VARA, OFZA becomes the 20th Virtual Asset exchange and broker provider to be licensed by VARA in the UAE. The license comes at a time when crypto is gaining immense traction with the new Trump administration.

The crypto exchange will be competing with players such as Binance, CoinMENA, Crypto.com, OKX and others in the UAE.

According to Chainalysis’ Geography of Crypto Report 2024, the UAE saw a 42% year-on-year growth in crypto transactions, receiving $34 billion between July 2023 and June 2024. The Middle East and North Africa region (MENA) accounted for 7.5% of all cryptocurrency transaction volume globally between July 2023 and June 2024.

Chainalysis estimated the total value received during the period to be $338.7 billion, with the vast majority of the transaction volume coming from institutional and professional investors.

UAE BITS Pilani establishes Blockchain and AI research center

UAE BITS Pilani establishes Blockchain and AI research center

BITS Pilani Dubai Campus, The Birla Institute of Technology and Science, (BPDC) has established the Ankitt Gaur Centre of Excellence in Blockchain & AI Research, following the signing of a Memorandum of Understanding (MoU). This ground-breaking initiative represents the first endowment from a Work Integrated Learning Program (WILP) alumnus, Ankitt Gaur, Founder & CEO of OrbitXPay and a distinguished alumnus (2007-2009 Batch) of BPDC.

As per the press release, the Ankitt Gaur Centre of Excellence aims to become a leading hub for research, innovation, and incubation in Blockchain, Artificial Intelligence (AI), and Web3 technologies. The center seeks to bridge the gap between academia and industry, fostering an ecosystem of innovation, entrepreneurship, and start-ups.

Prof. Souri Banerjee, Director of BITS Pilani Dubai Campus, remarked “We are immensely proud to formalize this MoU with Ankitt Gaur. This generous funding is a transformative milestone for our campus, enabling unparalleled opportunities in Blockchain and AI research and innovation. It reflects the enduring bond our alumni share with their alma mater and their commitment to shaping the future of technology.”

Speaking about the initiative, Ankitt Gaur said “BITS Pilani has played a pivotal role in shaping my career. As a proud alumnus, this commitment reflects my gratitude and vision to inspire innovation and technological advancement. Through this centre, I hope to empower innovators, students, and researchers to lead in the fields of AI, Blockchain, and Web3.”

The Centre of Excellence will serve as a platform for students and researchers to collaborate on cutting-edge projects, driving global leadership in next-generation technologies. It aims to strengthen the synergy between academia and industry, catalysing research and start-up ecosystems.

Prof. Arya Kumar, Dean of Alumni Relations Division, BITS Pilani, added “This is a landmark moment for BITS Pilani and its alumni community. Ankitt Gaur’s contribution underscores how our alumni are advancing cutting-edge research and creating opportunities for future generations. It will provide significant impetus to strengthening the start-up ecosystem with a focus on Blockchain and AI applications.”

FastBull Finance Summit debuts in Dubai UAE in April 2025

FastBull Finance Summit debuts in Dubai UAE in April 2025

The FastBull Finance Summit has announced its debut in Dubai, taking place on April 16-17, 2025, at the iconic Coca-Cola Arena. The summit will bring together industry leaders, investors, and financial experts for two days of insightful discussions, groundbreaking trends, and unparalleled networking opportunities.

A Must-Attend Event to Listen to Jim Rogers’ Sharing

At the heart of this highly anticipated event is none other than Jim Rogers, the legendary investor and co-founder of the Quantum Fund. Known for his bold market predictions and expertise in global investment strategies, Rogers will share his invaluable insights on the future of global markets, the rise of alternative assets, and his outlook for emerging economies.

Exclusive Panel Discussions on the Future of Trading

At the FastBull Dubai Finance Summit 2025, the organizers are offering four exclusive panel discussions that will dive deep into the most pressing topics in the world of Forex, crypto, and smart trading. Each forum will provide participants with valuable insights and hands-on discussions led by top industry experts.

Networking is made easy with complimentary coffee breaks throughout the event, providing a chance to mingle with fellow professionals, engage in discussions, and form valuable business connections.

Every participant will have the chance to win incredible prizes in our surprise raffles held throughout the event. From exclusive gifts to once-in-a-lifetime experiences, you won’t want to miss your chance to win something special!

DKK Digital receives preliminary approval from VARA in UAE

DKK Digital receives preliminary approval from VARA in UAE

DKK Digital FZE, based in the Dubai World Trade Centre, as a subsidiary of DKK, has secured an in-principle approval from the Dubai Virtual Assets Regulatory Authority (VARA).

As per the press release, this is an important milestone in DKK’s journey to becoming a regulated Virtual Asset Service Provider (VASP) in the UAE.

Founded in England, DKK Partners is a multinational firm with eight offices worldwide operating as an exchange liquidity provider specializing in emerging markets. The company offers corporate and institutional clients worldwide seamless, interoperable FX and settlement solutions.

The recent In-Principle Approval from VARA enables DKK to work towards the VASP License to provide a suite of services to its clients officially. These services include seamless fiat on/off ramp capabilities, custodial services, and liquidity provision using stablecoins such as the Electronic Dirham, Tether, Ripple USD, and USD Coin. one of the services available to clients in the UAE is the DKK Ocean, an innovative e-commerce solution designed to give clients access to live-streamed rates across various fiat currencies and stablecoins.

Hisham Al Gurg, CEO of Seed Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, shared his enthusiasm on this development, stating, “We offer our warmest congratulations to our strategic partner, DKK Partners, on securing the In-Principe Approval. This accomplishment is a reaffirmation of their solid operational framework and innovative approach in the virtual assets sector. Their commitment to compliance with regulatory standards and forward-thinking strategies makes them a trusted partner in advancing Dubai’s digital economy.”

Driven by its goal of empowering the future of digital finance, Khalid Talukder, Co-Founder and CEO of DKK Digital FZE, remarked, “We are thrilled to have received In-Principle Approval from VARA license as a VASP. This is a key milestone that positions DKK Digital as a trusted and compliant leader in the virtual assets space. This approval aligns us with global regulatory standards, enabling us to deliver secure, innovative solutions while fostering trust among clients and partners. It also opens doors to broader markets, institutional collaborations, and the development and distribution of cutting-edge digital asset products, further solidifying our role in shaping the future of virtual assets in the UAE and beyond.”

ACCESS: Consistent, reliable access to currencies and liquidity, enabled through our local presence, global partnership network, and banking experience.

Crypto in UAE towers to new heights with DMCC and REIT Development

Crypto in UAE towers to new heights with DMCC and REIT Development

As the UAE solidifies itself as a crypt hub globally, crypto is towering to new heights as DMCC and REIT Development, announced the launch of the landmark ‘Crypto Tower’ in Jumeirah Lakes Towers (JLT) which will be completed in October 2027.

This 17-storey project will support DMCC’s rapidly expanding community of blockchain, DeFi and Web3 companies. Complementing the DMCC Crypto Centre’s existing headquarters in Uptown Tower, the new tower will add to DMCC’s ecosystem with an advanced space fostering innovation, collaboration and business growth.

The Crypto Tower will feature cutting-edge infrastructure and state-of-the-art facilities, seamlessly integrated with advanced AI solutions powered by Chatoshi.ai. With over 150,000 square feet of leasable space, the tower will feature nine floors of advanced offices tailored for crypto startups and established businesses. Three additional floors will support blockchain incubators, venture capital firms and investment companies, while a dedicated floor will cater to artificial intelligence (AI) innovation, powered by Chatoshi.ai.

Blockchain technology will be used to streamline tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. In doing so, the tower will build greater trust and transparency and reduce administrative load, setting a new standard in community decision-making and management.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “The Crypto Tower is a pioneering development that sits at the interface of blockchain, Web3 and real estate. With over 150,000 square feet of leasable space, including nine office floors, three dedicated floors for blockchain incubators, an AI innovation floor, a crypto club, gold bullion shop and vault storage area, the tower will provide a range of cutting-edge facilities and services for the benefit of our members. The launch of Crypto Tower is both a real-world demonstration of the future of Web3, where transparency and ownership are ensured by blockchain technology, as well as a statement of our intent as we continue to consolidate Dubai’s position as the world’s leading innovation hub.”

The development will feature a 10,000-square-foot indoor event space, complemented by a 3,500-square-foot outdoor area for crypto and blockchain events. The top three floors will house an exclusive 30,000-square-foot crypto club, providing premium networking and leisure amenities, designed to foster high-level collaboration and networking within the blockchain community.

In addition to the core facilities on offer, the Crypto Tower will include high-end features such as an NFT art gallery, a gold bullion shop, an exotic car dealership and a dedicated vault storage area offering 5,000 square feet of secure space for valuables including gold, cash and cold wallets. This multifunctional development will set a new standard for integrating technology, finance and lifestyle into one space, creating a seamless and secure environment for the world’s leading crypto players.

Brenda Stratton, Communications Director, REIT Development, added: “By combining blockchain technology with real-world construction in Dubai’s DMCC, we’re creating a physical tower that serves as a central hub for the crypto community. Every expense is on-chain, setting a new standard for transparency in the industry.”