With a long-term goal of providing Sharia-compliant goods that meet both legal and religious requirements, a new cryptocurrency platform based in the United Arab Emirates has formally launched with an ambitious aim to transform digital asset trading in the region.
On Tuesday, July 15, BurjX, which was co-founded by Canadian cryptocurrency entrepreneurs Adam Ferris and Omar Abbas, went live after receiving clearance from the Abu Dhabi Global Market (ADGM).
With money protected by institutional-grade security and compliance standards, the platform enables users to trade over 100 digital assets directly in UAE dirhams. Although the exchange is already operational, its most unique product, cryptocurrency items that comply with Sharia law, is still in development.
BurjX is a broker and custodian licensed by ADGM’s Financial Services Regulatory Authority (FSRA). Fireblocks, a widely regarded custody solution, is used to hold client funds, and a comprehensive insurance policy covers both hot and cold wallets.
During the introduction, Ferris stated, “Fireblocks is an institutional-grade custody infrastructure that is insured to protect our clients’ investments. The technology, which is directly connected with UAE banks, also facilitates immediate deposits and withdrawals in dirhams. According to Abbas, this is a crucial differentiation.
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