GC Exchange FZE, the Dubai-based arm of the GCEX Group, has onboarded Saeed Al Darmaki as a Non-Executive Director to boost growth in the UAE region.

Strengthening Presence in the UAE

Announced today (Thursday), Al Darmaki’s focus will be on driving growth for the company, which is operating in the country with an Operational Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA).

GCEX opened its Dubai offices in mid-2022 and subsequently obtained the local licence. It is headquartered in London and has physical offices in Copenhagen, Glasgow, Zug Crypto Valley, and Kuala Lumpur.

Commenting on the new appointment, Mehtap Önder, Managing Director at GCEX Dubai, said: “With his extensive network, industry expertise and regional experience, he will be a huge asset to GCEX, enabling us to maximise growth opportunities and reach our potential in the region.”

A Local Industry Expert

Indeed, Al Darmaki brings extensive experience from the region's cryptocurrency and blockchain industry. He is currently the CEO of Sheesha Finance and co-founder of the Alphabit investment fund. He also holds advisory roles in several other companies in the country.

He started his career in the traditional finance industry, working for the Abu Dhabi Investment Authority for nine years.

“I have known the team at GCEX and their investors, True Global Ventures, for a while,” said Al Darmaki, adding: “They tick all the boxes for me regarding their credibility and integrity, the experience of their team, their growth ambitions and their commitment to VARA and the UAE. I feel confident that I can add value to the business, using my trad-fi and de-fi experience and network, as well as my in-depth understanding of the local infrastructure.”

Last month, GCEX also onboarded Jonathan Brewer, the co-founder of IS Prime, as the Chief Revenue Officer to focus on driving growth from institutional and professional clients across all entities. The UAE-based entity also hired a new Sales Director, Katina Messinis, earlier this year.

Meanwhile, the revenue of GCEX's UK entity halved in 2023 to £2.3 million, pushing the company to a loss. The company blamed the prolonged “crypto winter” for the slowdown.