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.”

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

UAE Phoenix Group mined 350 Bitcoins in Q1 of 2025

Phoenix Group PLC (ADX: PHX), a global cryptocurrency, blockchain, and digital asset infrastructure company announced its financial and operational results for the first quarter of 2025 and reported a consolidated revenue of $31 million for Q1 2025 mining over 350 Bitcoins in Q1.

Phoenix Group mined over 350 Bitcoins in Q1, which includes 222 Bitcoins that were self-mined. The opening of new facilities in the US and Ethiopia is expected to increase this capacity in Q3 and beyond.

Gross mining margins improved to 30%, up from 24% in Q4 2024, supported by operational efficiencies and energy optimization initiatives. The Company reported gross profit of $6.3 million, while operating expenses totaled $9 million, reflecting increased costs associated with scaling operations globally. The Company also reported an unrealized EBITDA loss in Q1, driven by a decline in digital asset prices and global macroeconomic factors. These assets have already begun to rebound in Q2, and a continued recovery is expected to return these assets to profitability by Q3 2025. its revenue dropped by 54.7% to $31.3 million in Q1 2025, compared to $68.9 million in Q1 2024, according to its financial statements.

The company also announced that it is moving forward with its expansion plans and aims to secure top 5 position in Bitcoin mining and AI Data centers by 2026. Currently it is one of the top 10.


As global demand for power increases, forecasters predict a power shortage by 2027. In response, Phoenix Group continues to acquire more land sites with power contracts, enabling it to enhance its assets and Bitcoin mining capabilities while also integrating and capitalizing on the upcoming demand for AI and data centers by introducing a new business vertical and profit center.

HPC and AI-driven advancement offer Phoenix Group a key diversification avenue beyond crypto mining, with the company strategically positioned to leverage this by dedicating a portion of an existing site in the US for prototype setup and completing a feasibility study. In addition, Phoenix continues to scout for new sites in the US as a priority region for its expansion plans.


Following the end of the quarter, the Group successfully energized its 20 megawatt Texas site, taking Phoenix’s global operational capacity to over 500 megawatts across five countries. The Texas facility, built over 4.3 acres and energized within three months, adds 3,990 hydro-cooled miners contributing approximately 1.2 EH/s to Phoenix’s hash rate.

In addition to the Texas deployment, Phoenix advanced its recent international expansion with growth at its Ethiopian site, where it secured an additional 52 megawatts of mining capacity, to be developed in two phases. Phase 1, which has been energized, will deliver 20 megawatts of capacity and Phase 2 (32 megawatts) remains on track for completion by the end of Q2 2025.

This expansion increases the Company’s total operational capacity in the country to 132 megawatts, setting a new benchmark for sustainable mining in Africa and delivering large-scale operations in energy-rich regions.

Munaf Ali, CEO and Co-Founder of Phoenix Group, commented, “Phoenix Group’s position as a top 10 global Bitcoin miner, underpinned by our strategic site locations in Canada, Ethiopia, Oman, the UAE, and the U.S., provides us inherent resilience to market fluctuations. We are not just weathering the current sector-wide pressures but actively accelerating our expansion. This momentum will carry through 2025 and 2026 as we aggressively build out the capacity needed to meet the inevitable surge in demand for power required by Bitcoin mining and AI data centers. Phoenix Group is strategically poised to be a primary enabler of this digital transformation.”

“The launch of our Texas facility strengthens our operational base in North America while reinforcing our industry-leading mining infrastructure and global diversification strategy. Texas is one of the most mining-friendly jurisdictions in the U.S. and our progress there builds on the operational momentum we’ve delivered recently following our expansion in Ethiopia. We remain committed to scaling efficiently, maintaining cost leadership, generating value and positioning Phoenix to capture opportunities as market dynamics evolve.”


The Company’s mining operations delivered an average of 14.2 EH/s in Q1 2025, maintaining its competitive global share of network hash rate. Mining efficiency improved 17% to 25.4 joules per terahash (J/TH) following the deployment of next-generation miners across key sites in the U.S. and Ethiopia.

Phoenix continues to fund its growth strategy through a disciplined capital allocation approach, supported by liquidity reserves and a strong balance sheet and no expansion debt on its books, enabling the Company to execute growth without compromising financial flexibility.

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated MANTRA and WIN Investments to tokenize sports

UAE regulated tokenization platform MANTRA, the Layer 1 blockchain purpose-built for real-world assets (RWAs), has partnered with WIN Investments, a fintech platform pioneering regulated sports digital assets to tokenize sports assets starting with soccer.

WIN has built an ecosystem that opens the door for fans and investors to participate in the global football transfer market.

Through a regulated framework, WIN issues utility tokens and digital securities linked to real-world assets, including professional players and club rights. The flagship product leverages the FIFA Solidarity Mechanism, a system that rewards youth clubs when players they’ve trained are transferred internationally. This recurring income allows soccer clubs to further develop new talent, and enables investors to participate in future player transfer revenues. WIN is backed by Ripio Ventures and the Werthein Group, the principal stakeholder of DirecTV, Latin America’s largest sports broadcasting company.

“Partnering with MANTRA, a global leader in real-world asset tokenization, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), is a key milestone in our mission to turn the passion of sports into a new compliant class of Real World Sports Assets,” said Gonzalo Busnadiego, Co-CEO of WIN Investments. “This collaboration brings us closer to a future where fans and investors can connect with clubs and athletes in a more direct, transparent, and meaningful way.”

“FIFA’s 2024 Global Transfer Report details the football transfer market represents $66 billion in locked value, with $8.59 billion spent on transfers in 2024 alone. WIN’s Solidarity Mechanism unlocks 5% of this market—$3.3 billion—by offering access to player transfer revenues. WIN has $7.4 million in assets under management (AUM) from 130 player transfers across 16 partnered clubs, including stars like Alexis Mac Allister and Emiliano Martínez, and expects to exceed $20 million in tokenized assets by year-end.”

MANTRA and WIN Investments will establish a framework for the tokenization of WIN’s existing and future sports-related assets. The two companies will develop and launch fan and investor-facing products within the MANTRA ecosystem.

Future initiatives scheduled for Q4 2025 include; WIN leveraging MANTRA as an infrastructure partner to expand the availability of its compliant sports products onchain with a focus upon transfer tokens. Transfer tokens represent a fraction of the future revenue derived from a player’s next transfer and are tied specifically to the FIFA Solidarity Mechanism.

“This partnership with WIN is a natural extension of MANTRA’s RWA vision of bringing the world’s financial ecosystem on-chain by being the preferred ledger of record for real world assets,” said John Patrick Mullin, CEO of MANTRA. “We see huge potential in combining the passion of sports with regulated, tokenized assets, and we believe Latin America is the perfect place to lead that charge.”

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

Dubai’s VARA updates supervisory mechanisms for VASPs in UAE

The Virtual Assets Regulatory Authority [VARA] has published Version 2.0 of its activity-based Rulebooks, in an efforts to further future proof Dubai’s regulatory framework that balances innovation with robust market safeguards.

As per the press release, the updated Rulebooks include enhanced supervisory mechanisms across the following regulated virtual asset [VA] activities, Advisory services, Broker-dealer services, Custody services, Exchange services, Lending and borrowing services, VA management and investment services and VA transfer and settlement services.


Key refinements in Version 2 include strengthened controls around margin trading and token distribution services, clearer definitions for collateral wallet arrangements, and harmonized compliance requirements across all licensed activities.

Ruben Bombardi, General Counsel and Head of Regulatory Enablement VARA, “Our commitment remains to ensuring that innovation and compliance go hand in hand. These rulebook updates reinforce the foundations of a responsible scalable ecosystem.

The updates are designed to promote greater market discipline, risk transparency, and operational resilience across Dubai’s VA ecosystem.

For example, with regards to VA Management and Investment VASPs, in addition to the requirements of before, they will need to establish, implement and enforce appropriate written internal policies and procedures relating to the ability of clients to have access to and withdraw their Virtual Assets including, but not limited to, during periods of high uncertainty and/or extreme volatility; their assessment of client suitability for relevant products or services, including but not limited to the nature, features, costs and risks of investment services, Virtual Assets or other financial instruments selected for their clients, while taking into account cost and complexity; how they ensure all Staff providing VA Management and Investment Services to clients are sufficiently competent in accordance with Rule II.B.1 of this VA Management and Investment Services Rulebook; and such other policies and procedures as VARA may require from time to time.


In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025. VARA’s Supervision Teams will engage directly with each licensed entity to provide activity-specific guidance as needed.


Prior to this, VARA in coordination with the Dubai Land Department (DLD), had issued an alert regarding entities who have falsely claimed involvement or participation in the pilot phase of the DLD Real estate tokenization project. The tokenization project in question is that launched by DLD in March whose partners include the Dubai VARA regulatory authority and the Dubai Future Foundation through its Sandbox Real Estate. The project will tokenize property deeds to enable the fractional ownership of real estate assets, and was introduced under the Real Estate Innovation Initiative.

With already more than 30 licensed VASP operators, VARA has continuously been advancing its regulations, and rulebooks as well as issuing warnings and alerts to ensure better transparency and compliance.

Ripple onboards Zand Bank and Mamo for cross-border payments

Ripple onboards Zand Bank and Mamo for cross-border payments

Ripple, has onboarded Zand Bank, a UAE digital bank and Mamo, a financial payments company based out of DIFC, who will utilize Ripple’s blockchain enabled cross border payments solution. Ripple Payments employs blockchain, digital assets, and a global network of payout partners to deliver fast, transparent, reliable cross-border payments and on/off ramps for banks, crypto companies, and fintech worldwide.

Utilizing its recently acquired license from DFSA ( Dubai Financial Services Authority) in DIFC, the solution will enable Ripple to manage payments end-to-end on behalf of its customers. Customers will be able to move funds across the globe 24/7 across the entire year and settle payments in minutes.

Reece Merrick, Managing Director, Middle East and Africa, at Ripple, “Securing our DFSA license enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs. Our new partnerships with Zand Bank and Mamo are testament to the momentum that the license has created for our business. As the global cross-border payments market grows, the leadership demonstrated by authorities in the UAE to create a supportive environment for crypto innovation has positioned the nation and its native companies to benefit from the transformative power of blockchain technology to drive efficiency and innovation in payments.”

According to Ripple’s 2025 New Value Report, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest impetus for incorporating blockchain-based currencies into their cross-border payments flows.

“As a pioneering financial institution with a full-fledged banking license, Zand Bank is paving the way for a stronger digital economy by offering innovative financial products as well as AI and blockchain solutions alongside our institutional-grade digital asset custodial services,” commented Chirag Sampat, Head of Treasury and Markets at Zand Bank. “Our collaboration with Ripple highlights our commitment to empowering global payment solutions through blockchain technology. Moreover, we are excited to soon launch an AED-backed stablecoin, designed to further enhance seamless and efficient transactions in the rapidly evolving digital economy.”

“The UAE is on an incredible growth path, with over a million businesses expected to call it home by 2030. At Mamo, we’re proud to be at the forefront of this journey making global payments simpler and more accessible for everyone,” said Imad Gharazeddine, CEO and co-founder of Mamo. “Our partnership with Ripple is a big step forward. It allows us to offer faster, more reliable cross-border payments for both businesses and consumers, helping companies across the UAE scale with confidence.”

Dubai’s Grand Millenium Hotel and Bybit to offer perks the exchange’s customers

Dubai’s Grand Millenium Hotel and Bybit to offer perks the exchange’s customers

Grand Millennium Hotel Dubai signed a partnership with Bybit, the world’s second-largest cryptocurrency exchange to offer Bybit clients savings and rewards at the hotel in addition to exclusive privelages. It also makes Grand Millennium Hotel Dubai Bybit’s first-ever hotel partner. 

The official signing ceremony was attended by Helen Liu, COO & Partner of Bybit, Sheikh Almualla bin Ahmed Almualla & Feras Al Sadek of Ghaf Group, and Giacomo Puntel, General Manager of Grand Millennium Hotel Dubai.

This strategic alliance enables Bybit cardholders to unlock up to 30 percent in savings across Grand Millennium Hotel Dubai’s standout offerings. Guests can now enjoy exclusive privileges at signature venues including Belgian Beer Café, Toshi Pan Asian Restaurant, Lucky Voice Dubai, Crystal Bar, and Juzz Bar. The benefits also extend to hotel room suites and serviced apartments, meeting and event spaces, and expert catering services, making everyday moments more rewarding for Bybit’s tech-savvy global community.

“This partnership is a signal of where the future of travel and lifestyle is headed,” said Giacomo Puntel, General Manager of Grand Millennium Hotel Dubai. “As the first hotel brand in the region to join forces with Bybit, we are proud to be part of a digital evolution that places accessibility, innovation, and guest experience at the heart of everything we do.”

The collaboration represents a major leap forward in integrating cryptocurrency into real-world travel, making everyday luxuries more attainable for Bybit’s tech-forward community. Whether booking a weekend staycation, planning a corporate gathering, or heading out for a night of exceptional dining and entertainment, Bybit users will find Grand Millennium Hotel Dubai more connected, convenient, and future-ready than ever before.

“Bybit is on a mission to integrate crypto payments into every spending and daily luxuries for our community.UAE Dubai is one of the most popular destinations for entrepreneurs and crypto fans, and this partnership reflects our commitment to supporting them throughout their crypto journeys around the world,” said Helen Liu, COO & Partner of Bybit.

The Bybit Card boasts year-round offers including exclusive travels, early access to premium events, and an expanding network of global partners. The digital-native crypto and fiat card is one of the fastest growing payment solutions of its kind with over 1.7 million cards issued worldwideworld wide. 

The benefits are reserved for Grand Millennium Hotel Dubai guests who use their Bybit Card for eligible payments at the hotel only. 

Ant Digital to tokenize green finance energy assets in UAE

Ant Digital to tokenize green finance energy assets in UAE

Ant Digital Technologies, a blockchain, privacy computing, security technologies, and distributed database company has established its global headquarters in Hong Kong and is expanding its footprint into the UAE. Ant Digital Technologies has selected Dubai as a strategic gateway to unlock opportunities in the Middle East market.

As per the announcement, the strategic move underscores the company’s commitment to global Web3 and Artificial intelligence (AI) development, while recognising the UAE’s rapid embrace of emerging technologies.

Ant Digital seeks not only to tokenize Financial Real World Assets but also energy ones. The company seeks to offer access to green financing. Diverse investors can participate in the transition towards a greener future, fostering a more inclusive and liquid market for sustainable assets. Ant Digital Technologies, has facilitated transactions for 14 million new energy devices on-chain through the tokenization of green energy assets, setting a global standard and exemplifying how green assets can unlock significant investment opportunities.

At a recent event in UAE, Ant Digital Technologies announced the release of Jovay, a Layer 2 blockchain solution tailored for RWA fund transactions, showcasing trusted execution and exceptional performance capabilities with a throughput of 100,000 transactions per second and 100-millisecond on-chain response time. This cutting-edge platform can seamlessly integrate with Layer 1 blockchains, enhancing their performance and scalability. Jovay is set to play a pivotal role in transforming trillions of RWAs into tradable digital assets globally, thereby enhancing global liquidity and streamlining the trading of physical assets on the blockchain.

Zhuoqun Bian, President of Blockchain Business at Ant Digital Technologies, said, “We have been enthusiastic about the transformative power of blockchain technology across the finance industry and beyond. Leveraging years of expertise in blockchain, IoT, and AI research and development, we look forward to collaborating with global partners to unleash the full potential of real-world assets and propel innovation on a global scale.”

Dr. Zhao Wenbiao, CEO of Ant Digital Technologies, shared, “By integrating top-tier blockchain solutions into the energy RWA ecosystems of these regions, we aim to cultivate a ‘dual-hub synergy’ between Hong Kong and Dubai, propelling the global shift towards a digital economy.”

Sharjah Maritime academy launched Blockchain micro credentials

Sharjah Maritime academy launched Blockchain micro credentials

Sharjah Maritime Academy (SMA)has launched a blockchain-based Micro-Credentials through its partnership with EduChain and it has developed an AI-powered smart campus.

SMA has automated 85% of its processes, using AI to create a smart, sustainable, and student-first academic environment. This isn’t a cosmetic shift – it’s systemic. From personalized learning to real-time analytics, SMA is building the digital infrastructure students need to thrive in tomorrow’s world.

SMA is the first maritime institution in the UAE to issue blockchain-based micro-credentials, through a partnership with Educhain. Every certificate, badge, and transcript is now tamper-proof, instantly verifiable, and globally shareable – making SMA students skills-first professionals ready for a tech-driven future.

“This is bigger than maritime,” said chancellor Dr Hashim Al Zaabi. “It’s about redefining education in a world where technology, automation, and sustainability shape every industry. We’re not catching up; we’re setting the pace.”

With digital-first systems, strategic partnerships, and graduates built for what’s next, SMA isn’t waiting for the future of education – it’s delivering it.

UAE Sovereign Fund Mubadala increases investment in Bitcoin

UAE Sovereign Fund Mubadala increases investment in Bitcoin

While the rumor mill across the crypto ecosystem over the past days speculated that countries such as Qatar, UAE, and Saudi Arabia were investing in Bitcoin, Mubadala, Abu Dhabi’s sovereign wealth fund, disclosed a $408.5 million stake in IShare Bitcoin Trust (IBIT) in a 13F filing released on My 15th 2025.

The fund reported holding 8,726,972 shares as of March 31, 2025, an increase from 8,235,533 shares reported at the end of 2024. This increased exposure showcases the perception change regarding Bitcoin and crypto in general after President Trump has taken office.

Back at the end of 2024, UAE Mubadala, a sovereign investment fund, revealed in an SEC Filing that in late 2024 it invested $436 million worth in BlackRock’s Ishares Bitcoin Trust ETF. The disclosure was made through a 13F filing with the U.S. Securities and Exchange Commission (SEC).

At the time while Mubadala’s investment in Bitcoin while not directly but through an ETF is a significant departure from the usual investments made by Sovereign funds in the Middle East and GCC region.

The UAE in particular has been showcased as having 30% of its population owning crypto. Prior to this announcement another UAE sovereign wealth fund, through one of its subsidiaries FSI ( FS Innovation) agreed with US based Marathon digital holdings, a digital asset mining company establishing and operating facilities for digital asset mining in Abu Dhabi. The initial phase consisted of two digital asset mining sites comprising 250 MW (megawatts) in Abu Dhabi UAE. Marathon Holdings will own 20% of the joint company in UAE only. The cost of the project being $406 million.

Bahrain Restaurant Group also announced investment in Bitcoin

Bahrain based Al Abraaj Restaurants Group B.S.C. (Ticker: ABRAAJ) (“Company”), a public listed company on the Bahrain Bourse, announced that it has put Bitcoin on its balance sheet. As per the news on Zawya, the Group has purchased Bitcoin in partnership with U.S. based 10X Capital, becoming the first publicly traded company in the Kingdom of Bahrain, the Gulf Cooperation Council (“GCC”), and the Middle East to acquire Bitcoin as a treasury asset.

Al Abraaj has acquired an initial amount of 5 Bitcoin with plans to build on this initial purchase and begin allocating a significant portion of its corporate treasury into Bitcoin.

As per the announcement, Al Abraaj considers Bitcoin to be its reserve treasury asset. Al Abraaj is a profitable company, with 2024 EBITDA of USD $12.5 million.

HODL 2025 ends with a move to KSA in December

HODL 2025 ends with a move to KSA in December

HODL 2025 concluded its highly Dubai edition at Madinat Jumeirah, bringing together a powerful mix of blockchain pioneers, Web3 innovators, DeFi leaders, regulators, and institutional investors from across the globe. The summit, held in alignment with the Dubai FinTech Summit as part of the broader effort to shape the future of finance in the region, reinforced HODL’s position as a leading platform for collaboration and innovation in the decentralized economy.


This edition marked a major milestone in the HODL journey exploring the Future of Decentralized Finance and Web3 in the MENA Region

Over two days, the summit featured 50+ sessions that explored next-generation themes like:
• Blockchain Market Trends 2025
• Innovative Governance for Virtual Assets
• AI x Blockchain: Converging Technologies
• DeFi Evolution and Banking Disruption
• Tokenization of Real-World Assets
• NFTs and the Metaverse Frontier

Attendees included key decision-makers from governments, blockchain networks, crypto exchanges, venture funds, and DAOs, along with founders, CTOs, developers, and asset managers.

“HODL 2025 in Dubai brought together a powerful mix of visionaries shaping the future of digital finance. As we head to Riyadh, we aim to build on this momentum and further accelerate Web3 and blockchain innovation across the region.” Mohammed Saleem, Founder & Chairman of Trescon, the organisers of HODL.

During the Crypto Rulebook: Global Best Practices & Regulatory Measures panel discussion, Dyma Budorin expressed that “We want to have the best ecosystem for entrepreneurs to run their business.”


In the same session, Samir Safar-Aly emphasized that “Regulations need to catch up and work together.”


During the Insuring the Future of Crypto: Bridging Risk & Innovation in the Digital Asset Economy session, Joseph Ziolkowski stated that “Insurance has been a bedrock component of sustainability; it is a $6 trillion market.”

HODL 2025 also hosted high-level networking sessions and investor roundtables, providing a fertile ground for deal-making and strategic partnerships. The event was supported by an impressive roster of sponsors and featured in leading media publications HODL 2025 is proudly supported by leading media outlets, including CNN Business Arabic as the Official Media Partner, Khaleej Times as the Exclusive Media Partner, Entrepreneur Middle East as the Ecosystem Partner, Arabian Business as the Business Media Partner, and ZEX PR Wire as the Digital PR Partner — collectively amplifying its global reach..


HODL 2025 is powered by a strong lineup of sponsors, with Liquid Loans.io as the Platinum Sponsor, Coinvoyage as the After Party Sponsor, Tata Consultancy Services (TCS) and Gofaizen & Sherle as Gold Sponsors, Facephi as the Silver Sponsor, and Skygate Network, FMCPay, Pays Solutions, and PEP as Bronze Sponsors.

HODL 2025 ended with an announcement of HODL Riyadh KSA in December of this year. This comes as Saudi Arabia rapidly emerges as a global tech and finance hub, driven by bold initiatives under Vision 2030, the country is making significant strides in the digital asset and blockchain space. With regulatory clarity evolving and institutional interest accelerating, Riyadh presents a strategic next stop for the HODL platform.

HODL Riyadh will serve as the most important gathering of Web3 leaders, investors, policy-makers, and innovators in the Kingdom – connecting the region’s ambitions with global blockchain ecosystems. This upcoming edition is expected to focus on:
• Regulatory frameworks supporting virtual assets and tokenization
• Institutional DeFi and digital asset adoption
• Public-private collaboration on blockchain infrastructure
• Web3 innovation in financial services, real estate, and logistics