UAE-based crypto asset exchange, BDAMEX, is building one of the world's first highly regulated exchanges - focusing on an institutional client base.
NEW YORK and ABU DHABI, United Arab Emirates, May 28, 2019 /PRNewswire/ -- BDAMEX is pleased to announce that they have been awarded in principle approval (IPA) to operate a crypto asset exchange. The license was granted earlier this year by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM).
Under the regulatory frameworks set by the FSRA, BDAMEX will provide a comprehensive exchange platform instilled with proper regulated governance, oversight and transparency over crypto asset activities that until this point has been lacking in the marketplace.
With a growing demand for institutional investment in crypto assets, BDAMEX's regulated exchange will meet the needs of the crypto asset customer base.
In partnership with leading financial institutions, market makers, exchanges and world class technology partners BDAMEX expects to build a regulated crypto asset exchange, with a focus on an institutional client base – before the end of 2019.
Richard Schaeffer, former Chairman of New York Mercantile Exchange (NYMEX) who was responsible for NYMEXs transformation into an electronic trading platform while increasing its value to over 13bn USD, spearheading one of the most successful IPOs in history, has joined as the Chairman of BDAMEX.
Schaeffer is confident that "the team at BDAMEX is building a world-class regulated exchange where institutional traders, high net worth individuals and retail investors can come and find a safe and secure platform to trade crypto assets."
BDAMEX is honored to continue to help build on the UAE's Founding Father the late Sheikh Zayed Bin Sultan Al Nahyan's visionary leadership to establish the pillars of success for the United Arab Emirates.