Crypto platform Belfrics opens MENA operations based in Dubai

Rick Steves

Earlier this week, Belfrics announced its crypto derivatives capabilities were deployed by TP Global FX, a retail FX and CFD broker founded in 2014.

Nasdaq Dubai leads the world in sharia compliant securities

Belfrics Technologies Limited, the UAE-based subsidiary of Belfrics Global, has extended operations in the region after being admitted to the DIFC (Dubai International Financial Centre) under the Innovation business category.

The UAE is regarded as a welcoming jurisdiction in terms of the regulatory approach toward cryptocurrency and blockchain technology. This made Dubai, the “anchor for the MENA region”, as a natural choice for Belfrics’ headquarters in the Middle East.

Belfrics supports innovators in crypto

Belfrics Global is a Malaysian based blockchain provider and cryptocurrency exchange and platform that is licensed and regulated by Labuan Financial Services Authority (LFSA), Malaysia.

The company is a subsidiary of Life Clips and offers a multi-feature trading platform for digital assets, cryptocurrencies, and crypto derivative contracts. The firm currently has 10 operational offices in 8 countries.

Robert Grinberg, Chief Executive Officer at Life Clips, commented: “Belfrics’ objective is to support creators and innovators in the crypto and blockchain space, which is in line with Dubai’s recently announced blockchain strategy. The global financial services industry and wider business community’s confidence in the DIFC consistently enable it to facilitate substantial foreign direct investment into Dubai. This has supported Dubai’s top ranking globally in attracting FDI projects in the financial services sector in 2021, and DIFC ranking as the best performing free zone for the last five years. Designating the DIFC as regional hub for Belfrics’ Middle East Operations is a tremendous opportunity for our company.”

Praveen Kumar, Chief Executive Officer and Founder at Belfrics, commented: “Extending Belfrics Technologies Limited’s operations in the DIFC provides Belfrics an opportunity to set a new standard in the region. Our digital-first, forward-thinking approach has enabled us to implement the dynamic blockchain solutions Belfrics has been developing rapidly over the past decade. Since DIFC is the region’s leading global financial center, it was a natural choice for us. As the opportunities in the region grow, with DIFC’s support, we look forward to growing with them, while catering to the technological needs of both local and international entities.”

Belfrics powers TP Global FX’s crypto derivatives offering

Earlier this week, Belfrics announced its crypto derivatives capabilities were deployed by TP Global FX, a retail FX and CFD broker founded in 2014 with roots in the Middle East and North Africa (MENA) region. The brokerage firm has recently entered the South American and South East Asian markets.

TP Global FX has decided to add crypto to its product offering in order to fulfil its ambition of onboarding 120,000 clients in 2023 and reaching a monthly trading volume of $1 billion in crypto derivatives by end of 2023.

The broker has offices in Europe, Africa, Mauritius, Nigeria, Armenia, Vanuatu and Dubai. The firm offers Signal Services, Copy Trading, and Crypto Contracts Trading.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<