UAE-built crypto exchange launched by BurjX with Sharia-compliant features in pipeline

16/07/2025 01:41 AST

A new UAE-based cryptocurrency platform has officially launched with an ambitious plan to reshape digital asset trading in the region - and a long-term vision to offer Sharia-compliant products that meet both regulatory and religious standards.

BurjX, co-founded by Canadian crypto entrepreneurs Omar Abbas and Adam Ferris, went live on Tuesday, July 15, with approval from the Abu Dhabi Global Market (ADGM).

The platform allows users to trade more than 100 digital assets directly in UAE dirhams, with funds safeguarded under institutional-grade security and compliance frameworks. But while the exchange is now operational, its most distinctive offering - Sharia-compliant crypto products - is still in the works.

"It's not going to be available from day one," Abbas clarified to Khaleej Times. "But we are working on that as a rollout product for sure." He added that any such offerings will be vetted and approved by recognised Sharia authorities before launch. "We will partner with the appropriate Sharia boards, and when we do launch, it's going to be approved by the appropriate Sharia regulators," he said. No definitive timeline has been set.

Regulated, secure and easy to use
Licenced by the Financial Services Regulatory Authority (FSRA) of ADGM, BurjX is both a broker and custodian. Client assets are stored using Fireblocks, a globally trusted custody solution, and protected by a comprehensive insurance policy covering hot and cold wallets.

"Our clients' investments are safeguarded by Fireblocks - it's institutional-grade custody infrastructure, backed by insurance," Ferris said during the launch. The platform also supports instant deposits and withdrawals in dirhams, integrated directly with UAE banks. Abbas described this as a key differentiator: "That's our bread and butter - making it super easy to get your money in and out of crypto in dirhams, with minimal friction."

From a compliance standpoint, the platform incorporates robust onboarding, trade surveillance and wallet risk policies to screen out bad actors. "We're focused on building something safe, regulated, and secure - not just fast," Abbas said.

Not just for whales - or day traders
While built on institutional infrastructure, BurjX is designed to support users of all experience levels. "Whether you're a first-time trader like my own mother, or managing an institutional desk, we built this for you," Abbas said. The platform features more than 100 fully vetted digital assets at launch - including major tokens like Bitcoin, Ethereum, Solana, Dogecoin, and others - and spans multiple sectors such as AI, real-world assets and Layer 1 blockchains. "It's not just about the names," he explained. "We're enabling users to build a diversified portfolio across different categories of the market."

For high-net-worth investors, BurjX has launched a Private Client Group and OTC desk, offering personalised execution, deep liquidity and white-glove service. "It's a premium experience with the clarity of private wealth, the control of institutional-grade execution, and the confidence of a regulated platform," Abbas added.

UAE-first, founder-built - and personally funded
BurjX's founders repeatedly emphasised that the platform was not only built in the UAE but designed specifically for the region's investors. "We are not offshore entities entering the region. We're homegrown and globally headquartered in ADGM," Ferris said. "We're building for this region."

Abbas said the team chose to base themselves entirely in the UAE. "Our entire team - engineers, designers, compliance leaders - is based here," he said. "Each one of them is like a partner in the company. They deal with it with care and obsession." And the founders didn't just commit their time - they risked everything.

"I sold my house, sold a big stake of my Index equity, uprooted my family and landed in the UAE, risking everything on a belief that this region deserves something better." When asked whether that sacrifice had been worth it, he said: "If I had known it would take this long - almost three years - I might not have done it. But now that we're here, now that it's Day One, I can tell you it was worth it. This journey took everything out of me. It tested me, personally and professionally. But we showed up every day, and we built something real. Something this region can trust.

'Not just another crypto exchange'
The founders describe BurjX as fundamentally different from existing exchanges that have expanded into the region from abroad. "What you're witnessing today isn't just another crypto trading platform," Abbas told attendees during the launch event in Abu Dhabi. "This is the next category leader for the Mena region, built from the ground up in the UAE - the capital of capital." Abbas previously co-founded NDAX, Canada's largest regulated exchange, which processed over $20 billion in trading volume and served more than 500,000 users. His new venture, he says, is not a copy-paste operation. "This time, we came to raise the bar. To build something better, something that's homegrown. In a region that's shaping the future of finance."

Despite launching at a time of surging global interest in crypto, BurjX's founders insist they are not chasing headlines. "We're not here to capture a significant market share," Abbas told reporters. "We just want to focus on building a profitable platform, then roll out new products the market needs." He added that they have no interest in replicating the hype cycle often associated with crypto launches. "We're not just focused on hype. We're more interested in putting together a product you can comfortably use, trust, and refer your friends to." Asked what success would look like a year from now, Abbas answered simply: "Profitability - and being part of a regulated ecosystem that raises the bar."

Why ADGM?
"ADGM was the first regulator to pioneer a comprehensive virtual asset framework," Abbas noted. "We knew that if we could meet the bar here, we'd be building on the strongest foundation possible." Ferris added: "When you're building a financial services firm, you need a foundation that you can rely on. Even if the bar is high, that's exactly what you want." The pair believe the UAE offers a combination of regulatory clarity, economic momentum and untapped potential. "This region, especially the UAE, is going to be even more exponential in growth over the next 10 to 15 years than we've seen before," Ferris explained. "You want to be in a market with a stable regulatory framework and serious growth."

"No more platforms built abroad, operated overseas, and plagued by delays and confusion," Abbas concluded. "BurjX is built for us." As users began scanning the QR code projected on the launch screen to download the app, he added: "This is just the beginning. Today, the belief becomes real."

Khaleej Times