UAE: "Banking system remains stable despite Middle East conflict"…Crypto industry takes note

JOON HYOUNG LEE

Summary

Governor Khaled Mohamed Balama said that even amid the Middle East conflict, the UAE banking system is maintaining full efficiency and stability.
As the UAE has emerged as a global crypto hub, it is said to host more than 1,800 crypto companies, with more than 600 Web3 companies based in Dubai’s DMCC.
Bitget and Bybit said that as the Middle East security situation deteriorates, they have activated emergency protocols and are checking service stability and employee safety.

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The United Arab Emirates (UAE) has said that despite the recent Middle East conflict, its domestic banking system is operating stably.

According to Cointelegraph on the 5th (local time), Khaled Mohamed Balama, governor of the UAE Central Bank, said in a statement that domestic banks and other financial institutions are operating while maintaining full efficiency and stability. Governor Balama said the country’s financial system is “demonstrating the highest level of resilience and safety.”

The announcement drew industry attention because the UAE has recently emerged as a global crypto hub. Cointelegraph reported that more than 1,800 crypto companies have established a presence in the UAE. In particular, Dubai’s DMCC—one of the world’s largest free trade zones—hosts more than 600 Web3 companies.

Crypto firms have recently moved into emergency mode as the Iran situation spreads into a broader Middle East conflict. In Bitget’s case, CEO Gracy Chen is reported to have notified staff internally that the company is closely monitoring the Middle East security situation and has activated emergency protocols. Bybit has also recently put systems in place to check the safety of employees in the UAE and ensure service stability.

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