BurjX Earns FSRA Approval and Debuts a Fully Regulated Crypto Trading Hub in ADGM
By Desk Reporter
In a significant step for the UAE’s fintech landscape, BurjX, conceived and built in the Emirates, has been granted its Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This milestone enables BurjX to operate as a fully compliant digital asset brokerage and custody platform, immediately offering a selection of over 100 digital tokens.
Homegrown Platform With Global Design
BurjX comes to life under the leadership of two visionary founders: Omar Abbas, co-founder of Canada’s NDAX exchange, and Adam Ferris, a Harvard JD/MBA alumnus with experience at Goldman Sachs. Abbas emphasizes that BurjX is “not another imported platform entering the UAE” but rather a native venture positioned to lead globally.
Their mission resonated with regulators. In the words of Ferris, BurjX’s debut “validates the strength of our infrastructure…the calibre of our team,” and underscores their ambition to be a global blockchain contender from day one.
Seamless On-Ramps for AED Transactions
A standout feature is the platform’s deep integration with Zand Bank, which allows instant AED deposits and immediate access to trading across its digital asset lineup. This fiat-to-crypto gateway is rare even among regional exchanges and positions BurjX as a frontrunner in delivering frictionless, regulated access to digital finance.
Institutional-Grade Security and Custody
BurjX is one of the few platforms in ADGM licensed for both brokerage and custody. Beneath its user-friendly interface lies a hybrid architecture:
- A NASDAQ-grade engine capable of processing over 1 million transactions per second
- Secure storage powered by Fireblocks’ MPC protocols
- Multi-layered governance, including hot and cold wallet insurance coverage.
This robustness ensures that both retail and institutional users benefit from top-tier infrastructure and risk management.
Governance Anchored in Expertise
GSquared oversight is provided by Dr. Ryan Lemand, a former Binance boa. His presence on the board strengthens BurjX’s regulatory foundation and internal compliance frameworks.
Catering to HNWI and Family Offices
BurjX is already welcoming institutional capital through its Private Client Division, offering personalized services such as over-the-counter trades, dedicated client coverage, and portfolio structuring. This aligns with the platform’s flexibility to serve both first-time crypto users and seasoned investors.
Context in a Rapidly Expanding Market
The move comes at a pivotal time. The UAE’s crypto ecosystem is projected to generate around US $396 million in revenue this year, with an estimated 3.88 million crypto users by 2026, nearly one-third of the population. In this environment, regulated, locally grounded exchanges like BurjX fill a critical void between global offshore platforms and local regulatory standards.
What This Means for ADGM and the Region
ADGM, headquartered on Al Maryah Island and known for its common-law system and strong governance, launched its virtual assets framework in 2023. With BurjX now fully regulated under FSRA, the centre takes another leap in positioning itself as the GCC’s virtual asset powerhouse. This approval signals to international players that the UAE isn’t just open to building digital finance it on solid ground.
Looking Ahead
With its license secured and trading platform live, BurjX plans to expand across the UAE and beyond. Future enhancements include additional token listings, expanded fiat support, staking and yield products, institutional custody services, and the potential to tokenize real-world assets