Reason for this visit

The financial market in the UAE is one of the largest forex markets in the Middle East. The Securities and Commodities Authority (SCA) is responsible for the regulation of the forex market. In recent years, the UAE government has relaxed restrictions on foreign trading to attract more foreign investment. The trading activity in the UAE forex market has increased, with a gradual rise in participation from foreign investors. As the UAE economy continues to grow and diversify, its capital markets are expected to see promising development opportunities. Overall, the UAE forex market is steadily progressing towards a more mature and open landscape. In an attempt to help investors to gain a more comprehensive understanding of the exchanges in the UAE, WikiBit survey team decides to go to the country for on-site visits to local companies.

On-site visit

In this issue, the survey team went to Abu Dhabi in the UAE to visit cryptocurrency exchange Capex.com as planned according to its regulatory address that Office 2, 21st Floor, Al Sila Tower, Al Maryah Island, Abu Dhabi, United Arab Emirates.

The investigators came to Al Maryah Island in Abu Dhabi, the UAE for an on-visit to the exchanges office, and located the Al Sila Tower, a modern commercial building with a well-maintained façade. The building is readily accessible by public transport.

Upon arrival at the building for further investigation, the survey personnel did not notice a directory in the lobby, and then took the elevator to the 21st floor, where the company logo of Capex.com could be seen conspicuously in the corridor. However, because of the closed door of the broker‘s office, people were not permitted to enter without an access card. Thus, it was not possible to assess the broker’s exact operational scale and working environment.

Through the on-site investigation, it is confirmed that the exchange has a physical presence at the location.

Conclusion

The survey team went to the UAE to visit cryptocurrency exchange Capex.com, and found the company at its regulatory address. It suggests that the exchange has a physical business office at the place. Meanwhile, investors are advised to make a sensible decision following much deliberation.

Disclaimer

The content is for informational purpose only, and shall not be taken as a final order for making a choice.