ADGM Grants In-Principle Approvals To Two Bitexen Entities
Two distinct entities under the Bitexen brand: Bitexen Mena Ltd. and Bitexen Custody Ltd, have received In-Principle Approvals (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of the UAE Capital, Abu Dhabi.
The approvals, granted by the FSRA, mark a pivotal step for Bitexen entities, as they prepare to secure full Financial Services Permissions (FSP) to Operate a Multilateral Trading Facility (MTF) and to Provide Custody services.
The IPAs cover two key pillars of the virtual asset lifecycle:
✅ Bitexen Mena Ltd. is preparing to operate as an MTF, providing a transparent and secure venue for trading virtual assets.
✅ Bitexen Custody Ltd. is preparing to provide custody services, ensuring institutional-grade safekeeping of client assets.
While Bitexen group maintains a significant operational footprint in Turkey, Lithuania, South Africa, and globally, Bitexen Mena Ltd. and Bitexen Custody Ltd. have been established as separate, ring-fenced legal entities. This structure is specifically designed to adhere to the rigorous capital and operational safeguards mandated by the FSRA, ensuring these FSRA regulated entities operate independently.
Kemal Cenk Erdem, CEO of Bitexen group, Director of Bitexen MENA Ltd. and Bitexen Custody Ltd., commented:
"Our entry into ADGM represents a new chapter of institutional maturity. We have deliberately structured Bitexen Mena Ltd. and Bitexen Custody Ltd. as distinct entities to meet the gold standard of financial regulation set by the FSRA, ensuring a secure and transparent ecosystem for virtual assets in the UAE and beyond”
These In-Principle Approvals allow Bitexen Mena Ltd. and Bitexen Custody Ltd. to finalize their operational capabilities and fulfill all IPA conditions. Upon satisfaction of these requirements, the entities will be granted full Financial Services Permission (FSP) to offer regulated trading and custody services.
✅ Bitexen Custody Ltd. was incorporated in ADGM on 03 June 2025, registered with Company number 28030.
✅ Bitexen MENA Ltd. was incorporated in ADGM on 27 February 2025, registered with Company number 25472.
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