WEEX crypto exchange, which has over 6 million customers, has set up its headquarters in the UAE. The Dubai headquarters currently houses over 600 employees with plans to hire 50 more over the next two years. The exchange has yet to be regulated by Dubai’s Virtual Assets Regulatory Authority, but is seeking a license.
Andrew Weiner, Vice President of WEEX, noted that setting up headquarters in the UAE is part of WEEX’s rapid expansion into the MENA region. He stated “we plan to expand our team further in Dubai over the next one to two years, adding 30 to 50 new hires to better support local operations and service deployment.” Dubai will serve as the central hub for the platform’s global expansion, driving localized operations and team-building efforts to enhance WEEX’s global strength and influence.
As per the press release, WEEX already serves 6.2 million customers across 130+ countries. The crypto exchange has a daily trading volume of over $5 billion and supports more than 1,700 trading pairs. WEEX also boasts of a 1,000 BTC Protection Fund to protect users’ assets.
WEEX is currently participating and sponsoring TOKEN2049 Dubai event.
WEEX joins an array of global crypto exchanges in UAE
WEEX has joined other global crypto exchanges in setting up its presence in the UAE. Currently, Binance, OKX, Crypto.com and local players such as CoinMENA and BitOasis all have operations in the country.
The advanced virtual assets regulations governing crypto trading, investment, and payments is attracting more and more players to the UAE.
Recently the UAE announced not only its stablecoin regulations but also the launch of a Digital Dirham CBDC for the retail sector.
It is not surprising to see crypto exchanges flock towards the MENA region to serve clients in a more local manner. The Chainalysis 2024 crypto geography report noted that the MENA region has become the seventh largest crypto market globally. The biggest two countries being Turkey and Morocco, while the fastest growing countries were Saudi Arabia and Qatar.
Saudi Arabia remained the fastest-growing crypto economy in the MENA region, growing by 154% year-over-year.
The report added that UAE’s crypto activity grew across all transaction size brackets, signaling a more balanced and comprehensive adoption landscape.
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