The Middle East’s crypto evolution is accelerating. BurjX, a UAE-based digital asset brokerage, has announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), a key step toward becoming a fully licensed digital asset trading and custody platform.
The IPA marks a major regulatory milestone as BurjX advances toward securing its Financial Services Permission (FSP). Once finalized, this would authorize the firm to launch institutional-grade trading and custody services under one of the most robust digital asset regulatory frameworks in the world.
“This is an exciting step forward – not just for BurjX, but for crypto in MENA as a whole,” said Omar Abbas, Co-Founder and CEO of BurjX. “Secure, institutional-grade custody is the foundation of a trusted trading platform, and the region is ready for it.”
Abu Dhabi’s ADGM was the world’s first jurisdiction to implement a comprehensive framework for virtual assets, setting a global benchmark for digital finance regulation. BurjX’s approval under this framework reflects its commitment to compliance, transparency, and market integrity as it targets professional and institutional investors in the region.
A Bridge Between Wall Street and the Gulf
BurjX brings North American pedigree to the MENA crypto market. Co-founder Omar Abbas previously launched NDAX, one of Canada’s leading digital asset exchanges, and has held senior roles at several of Canada’s top financial institutions. His expertise in fintech and banking enables him to bridge traditional finance with the emerging digital economy.
Chairman and Co-Founder Adam Ferris, a Harvard JD/MBA and former Goldman Sachs executive, adds strategic depth to the leadership team. With a background in high-growth financial markets and regulatory compliance, Ferris is helping position BurjX as a regional leader in secure digital asset services.
“This milestone is just the beginning,” said Ferris. “We’re building something that doesn’t just meet the highest regulatory standards – we’re raising the bar for enterprise-grade custody, compliance, and responsible innovation.”
Tapping Into a $338 Billion Market
MENA is emerging as one of the fastest-growing crypto regions in the world. In 2024, the region was ranked the seventh-largest globally by transaction volume, valued at approximately $338.7 billion – accounting for 7.5% of the world’s total, according to Chainalysis.
Recognizing this potential, BurjX has assembled a team of industry veterans to lead the next wave of crypto adoption. The company aims to provide seamless access to deep liquidity, secure fiat on/off ramps, and advanced trading tools for retail, professional, and institutional clients.
Institutional-Grade Security, Built In
Security is central to BurjX’s platform design. Through integration with Fireblocks – a global leader in digital asset custody – the firm will leverage multi-party computation (MPC) technology and real-time risk controls to ensure ironclad protection for client assets. Fireblocks’ infrastructure is trusted by some of the largest financial institutions globally, bringing enterprise-grade protection to the heart of BurjX’s offering.
Further reinforcing this security-first approach, BurjX has secured industry-leading insurance coverage for client assets and operations, offering comprehensive protection against a broad range of risks.
With final regulatory approvals expected later this year, BurjX is ready to launch as one of the MENA region’s first institutional-grade, fully regulated crypto brokerages.
