CAPEX.com, a prominent retail brokerage brand, has received in-principle approval for a cryptocurrency license from the United Arab Emirates’ regulator, Abu Dhabi Global Markets (ADGM).
Officially revealed by CAPAX.com’s Founder and CEO, Octavian Pătrașcu, the new license will strengthen the brokerage platform’s cryptocurrency offerings in the lucrative Middle East and the North Africa (MENA) region.
“We are happy that we can start this new vertical under Capex.com and become closer to our main goal of offering a powerhouse of trading for our users, under one roof,” Pătrașcu wrote in a Linkedin post.
Crypto approval came in addition to the broker’s existing license from the ADGM Financial Services Regulatory Authority (FSRA), gained in 2020, with which it offers traditional trading instruments.
The broker was established as CFD Global.com in 2016 and rebranded in 2019 as CAPEX.com. The platform's offerings are primarily trading services with forex and contracts for differences (CFDs) instruments of other popular asset classes. The platform quickly added crypto products as well, with the rising popularity of the asset class. It even expanded its cryptocurrency portfolio over the years, adding more assets.
The brokerage brand also strengthened its presence in the MENA region with several prominent hirings. Earlier this year, it added Fadi Reyad as a Market Analyst specific for the MENA region and Abdelhadi Laabi as MENA Chief Marketing Officer.
CAPEX.com is also well-regulated outside the MENA region. Apart from Abu Dhabi, It is operating in several other jurisdictions with licenses from the regulators in Cyprus, South Africa and Seychelles.
Middle East – The Crypto Hub
The progressive approach towards cryptocurrencies by Middle Eastern financial market regulators has pushed several crypto companies to establish bases in the region. Dubai even formed a separate crypto regulator earlier this year, bringing proper regulatory guidelines for crypto companies.
Kraken, eToro and Seba Bank are only a few names to obtain ADGM’s crypto approval, while the number of companies receiving the Dubai license is even higher. Binance, Crypto.com, Blockchain.com, OKX and several other prominent crypto industry names have gained permission from Dubai’s Virtual Assets Regulatory Authority (VARA).
