United Arab Emirates (UAE)-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6.
GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with regional exchanges founder Arshad Khan — aims to serve as a compliant, fully-regulated crypto asset exchange and custodian with a focus on international institutional and retail traders.
According to Markets Mediz, ABX implements technology from GMEX Group’s blockchain business, specifically its suite of “hybrid centralized and blockchain distributed ledger technology solutions,” dubbed GMEX Fusion.