Bitexen Secures Key UAE Licences, Anchors Crypto Expansion in Abu Dhabi

Mohammed Fathy

Last updated 21-05-2026

4 min

Bitexen secured FSRA approvals to run a virtual asset trading facility and custody services.

Its regulated entities will operate from ADGM, anchoring regional expansion in Abu Dhabi.

Leaders called the licences a “defining milestone” and proof of long-term UAE commitment.

ADGM’s 2018 framework offers “institutional-grade credibility” and balanced, high-standard oversight.

The move signals regulation as an enabler as UAE digital finance gains pace.

Bitexen Group has taken a significant step in the UAE, securing Financial Services Permissions from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) for two of its entities. Bitexen MENA has been authorised to operate a Multilateral Trading Facility (MTF) for virtual assets and fiat-referenced tokens, while Bitexen Custody has received approval to provide custody services for the same asset classes.

In simple terms, this means Bitexen can now legally run a regulated trading venue for digital assets and also safeguard them on behalf of clients within ADGM’s framework. For any startup operating in the crypto space, that kind of regulatory clarity is not just nice to have, it’s spot on essential.

The group has chosen ADGM as the operational headquarters for its regulated entities, anchoring its regional expansion in Abu Dhabi. It’s hardly a surprise. Since introducing its virtual asset regulatory framework back in 2018, ADGM has positioned itself as one of the more mature jurisdictions globally when it comes to digital asset oversight. That early move gave it a head start, and now many firms are following the same path. When I speak with founders across MENA, ADGM often comes up as the go-to destination, not exactly a walk in the park to get licensed, but credible.

Kemal Cenk Erdem, Chairman of Bitexen MENA and Bitexen Custody, described the approvals as a defining milestone for the group and a clear signal of its long-term commitment to the UAE and wider MENA region. He noted that Abu Dhabi will sit at the heart of the company’s international expansion strategy, with a focus on delivering secure and transparent trading and custody solutions for both institutional and retail investors. He also expressed appreciation for ADGM’s regulatory environment, which he said balances innovation with high standards.

Bitexen Group, founded in 2018, says it now serves nearly 5 million users worldwide. Beyond retail trading, the company has been building B2B infrastructure for financial institutions, payment providers and banks, the less glamorous side of crypto, perhaps, but crucial if the sector wants to grow up a bit. The group operates through several entities across Turkey, South Africa, Lithuania and now the UAE, all under the same ultimate beneficial ownership.

The newly licensed entities are based in Tamouh Tower on Al Reem Island in Abu Dhabi. Bitexen MENA holds licence number 260043 for operating the MTF, while Bitexen Custody holds licence number 260044 for providing custody services.

Looking ahead, the group says it aims to contribute to global tokenisation infrastructure. That includes tokenised real-world assets and blockchain-native financial products, terms that can sound a bit abstract, well… I mean, until you see governments and major banks starting to experiment with them. And believe it or not, this is where the UAE has been moving faster than many expect.

I reckon the real story here is not just another licence approval. It’s about how the UAE, and Abu Dhabi in particular, continues to attract firms that want institutional-grade credibility in digital finance. For startups across MENA reading this on Arageek and dreaming of scaling beyond borders, it sends a quiet but powerful message: regulation is not a barrier, it’s an enabler, if you’re willing to do it properly.

Of course, the crypto market still comes with its ups and downs, and building trusted infrastructure is no small task. But with ADGM’s framework in place and players like Bitexen doubling down on the region, the ecosystem in the UAE is slowly, steadily becoming harder to ignore.

And that’s not just hype. It’s a sign of where digital finance is heading next, whether we’re ready for it or not.

🚀 Got exciting news to share?

If you're a startup founder, VC, or PR agency with big updates—funding rounds, product launches 📢, or company milestones 🎉 — AraGeek English wants to hear from you!