UPEX was once pitched as a regional champion for cryptocurrency traders in the Middle East and North Africa. It promised Arabic language support, AED trading pairs, and regulatory backing from Bahrain’s Central Bank. But today, it doesn’t exist as a functioning exchange. If you’re looking to use UPEX in 2025, you won’t be able to. Not because it’s hard to sign up, but because it’s shut down.
What UPEX Actually Was
UPEX launched in 2018 under the company OneMena, based in Bahrain. Its goal was simple: serve Arabic-speaking crypto users who felt ignored by global exchanges like Binance or Coinbase. It offered an Arabic interface, AED deposit and withdrawal options, and claimed to be part of Bahrain’s financial sandbox - a regulatory program meant to test fintech innovations under supervision. At its peak, UPEX claimed to have 300,000 users. That number was never verified. No independent audit, no public transaction logs, no third-party confirmation. Just a number on a website. Meanwhile, competitors like Rain (UAE) and BitOasis were already showing real user growth, verified trading volumes, and clear licenses from financial authorities.Why UPEX Looked Promising at First
In the early 2010s, the MENA region was waking up to crypto. People wanted local currency access, not just USD or EUR pairs. UPEX filled that gap. It had a mobile app (claimed), a clean desktop interface, and a focus on user experience for Arabic speakers. For a while, it looked like the right idea at the right time. Unlike many exchanges that just copied Western platforms, UPEX tried to adapt. It offered local payment methods. It supported AED - something even major exchanges didn’t do back then. That made it stand out. If you lived in Dubai, Kuwait, or Cairo, you could deposit dirhams and trade without converting to dollars first. But here’s the problem: having a good idea doesn’t mean you can run a crypto exchange.The Regulatory Claim That Didn’t Hold Up
UPEX’s biggest selling point was its connection to Bahrain’s Central Bank. The company said it was in the “financial sandbox.” That sounds official. But what does that actually mean? Bahrain’s sandbox is not a license. It’s a testing zone. Think of it like a lab where startups try new products under supervision. It doesn’t mean the company is regulated, approved, or insured. It just means regulators are watching. UPEX never moved out of the sandbox. It never got a full license. It never published audited financials. It never showed proof of customer fund security. Meanwhile, Rain in the UAE got a full VASP license from ADGM in 2022. That’s a real, government-backed approval. UPEX never even tried to get one. By 2021, regulators across the region started cracking down on exchanges that couldn’t prove they were safe. UPEX had no defense. No transparency. No proof.
What Happened After 2021
After 2021, UPEX went quiet. Trading volumes dropped to zero. CoinMarketCap stopped tracking it. The site https://ex.upex.io/ became unreachable or showed empty pages. No updates. No customer support. No app updates on Google Play or the App Store. The website still exists, but it’s a ghost. ICORankings, a well-known crypto data site, called it “ceased functioning.” Myfxbook listed it under “Closed Crypto Exchanges.” CoinMarketCap marked it as “Untracked Listing” with “No data.” That’s not a glitch. That’s a death certificate. No one is trading on UPEX. No one is depositing. No one is withdrawing. The platform is dead.User Reviews? There Are None
You’d think at least a few users would leave reviews - good or bad. But there’s nothing. Myfxbook shows zero reviews. Trustpilot has no page for UPEX. Reddit threads about it are all from 2019-2020 and end with “Anyone still using this?” followed by silence. Even on Arabic forums, there are no recent posts. That’s not because users were happy. It’s because they couldn’t use it anymore. If you had money on UPEX after 2021, you likely lost access to it. There’s no customer service line to call. No email that gets answered. No refund process. No recourse.Why It Failed When Others Succeeded
Compare UPEX to Rain, BitOasis, or even Binance MENA. All three have:- Clear, public regulatory licenses
- Verified trading volumes
- Active customer support
- Regular platform updates
- Real user communities
What You Should Do Instead
If you’re in the MENA region and want to trade crypto today, don’t look at UPEX. It’s gone. Here are better options:- Rain (UAE) - Fully licensed by ADGM, supports AED, high liquidity, Arabic interface
- BitOasis (UAE) - One of the oldest regulated exchanges in the region, trusted by over 1 million users
- Binance MENA - Global platform with local compliance, supports multiple fiat currencies
- Bybit - Popular for derivatives, supports AED deposits via local partners
Final Warning: Don’t Trust Ghost Exchanges
UPEX is a textbook example of how not to build a crypto exchange. It had the right idea - serving Arabic speakers with local currency. But it skipped the hard parts: compliance, security, transparency, and long-term operation. If a platform claims to be “regulated” but can’t show you proof, walk away. If it has no trading volume, no user reviews, and no updates for years, it’s not a platform - it’s a trap waiting to happen. UPEX didn’t fail because the market was too tough. It failed because it never tried to be real.Frequently Asked Questions
Is UPEX still operational in 2025?
No, UPEX is not operational. Since 2021, the exchange has ceased all trading activity. Its website is inactive, mobile apps are removed from app stores, and major data platforms like CoinMarketCap and Myfxbook list it as closed or untracked. No deposits, withdrawals, or trades are possible.
Did UPEX have a license from the Central Bank of Bahrain?
UPEX claimed to be part of Bahrain’s financial sandbox, but that is not a license. The sandbox is a testing environment for fintech startups - not a regulatory approval. UPEX never obtained a full Virtual Asset Service Provider (VASP) license, which is required to operate legally. No official records from the Central Bank of Bahrain confirm UPEX as a licensed entity.
Can I recover my funds from UPEX if I had an account?
There is no known way to recover funds from UPEX. Since the platform shut down, customer support has disappeared. No official communication, refund process, or asset recovery program has been announced. Users who held funds on UPEX after 2021 are likely to have lost access permanently.
Why did UPEX fail when other MENA exchanges succeeded?
UPEX failed because it prioritized marketing over execution. It made bold claims about user numbers and regulatory status but never delivered transparency, security, or ongoing service. Competitors like Rain and BitOasis invested in real licenses, customer support, and compliance. UPEX didn’t - and when regulators cracked down, it had nothing to fall back on.
Is the UPEX website still active?
The website ex.upex.io may still load, but it shows no trading functionality, no login option, and no updated information. It is a static, non-functional page. No trading, no deposits, no support. It exists only as a digital relic.
Should I avoid other exchanges that claim to be "sandbox-approved"?
Yes. Always verify if an exchange has a full, public license from a recognized financial authority - not just a sandbox registration. Sandbox status means a company is being tested, not approved. Only exchanges with clear VASP or similar licenses should be trusted with your funds.
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