Bithumb Kicks Off Middle East Expansion With UAE Crypto Exchange

South Korean cryptocurrency exchange Bithumb is planting its flag in the Middle East with the launch of a licensed fiat-to-crypto exchange in the United Arab Emirates.

The firm announced Tuesday that it has signed a memorandum of understanding with the UAE-based firm Nvelop to form a joint venture for the initiative, CoinDesk Korea reports.

Nvelop was founded by Abu Dhabi-based E11 Investment Fund and Asia-based venture capital firm Trill Ventures Group to fund blockchain businesses in the Middle East and North Africa region.

Under which crypto exchanges must be licensed and approved by the FSRA as crypto-asset businesses.

The framework also limits the types of crypto assets that can be used by firms.

The FSRA plans to issue crypto licenses under the scheme from the first half of this year, Bithumb said in today's announcement.

A global over-the-counter trading desk for digital assets through its Hong Kong-based entity, Bithumb Global.

In January, the firm signed a binding letter-of-intent agreement with Blockchain Industries, an investment firm focusing on the crypto and blockchain industry and traded on the U.S OTC markets.

Once the deal is complete, the combined entity would be known as Blockchain Exchange Alliance, and could potentially become the first U.S.-listed crypto exchange.

Bithumb was notably hacked for around $30 million back in June 2018, but claimed to have clawed back almost half that amount soon after with assistance from other exchanges.