M2 Review: Is the Abu Dhabi Exchange Still Open to Retail?

M2 was one of the few crypto platforms that could honestly call itself “made in Abu Dhabi”. It went through the full ADGM licensing process, built AED banking into the product and marketed itself to everyday UAE residents as well as institutions. That combination made it a regular name on “best exchange in the UAE” lists.

Then the story changed. Through 2025, reports described M2 cutting its retail team and repositioning as a wealth platform for very rich clients. The regulator’s register now confirms the shift: the entity that ran M2’s exchange no longer holds its permission. Many review pages still describe the old retail product, so this review sets out what the register and M2’s own site show, and what an ordinary resident should do instead.

What the ADGM register shows for M2

The ADGM Financial Services Regulatory Authority announced on 16 August 2023 that M2 had received a Financial Services Permission to operate a multilateral trading facility (an MTF, the FSRA’s term for a regulated exchange venue) and to provide custodyCustodyWho holds the keys to your coins. On an exchange, the platform holds them for you (custodial).. You can still read that announcement on adgm.com.

Today the register tells a different story. M2 Limited (FSP 220090), the MTF entity, is listed as Withdrawn as of 26 August 2025 (register entry). M2 Custody Limited (FSP 220130, authorised 27 July 2023) is still Active (register entry). The disclaimer on m2.com now reads that M2 is a trading name operated by M2 Custody Limited, regulated by the FSRA.

There is also a third company, M2 Global Wealth Limited, registered in the Bahamas and regulated by the Securities Commission of the Bahamas. That split matters. If you are onboarded to the Bahamas entity rather than the ADGM one, your protections are those of the Bahamas regime, not Abu Dhabi’s. Always check the legal entity named in your client agreement.

Why M2 is not on the VARA register — and why that is normal

M2 does not appear on the VARA public register. That is not a red flag in itself. The UAE has several regulators: VARA covers Dubai outside the DIFC, the DFSA covers the DIFC, the FSRA covers ADGM, and the federal Capital Market Authority (formerly the SCA) covers onshore activity in the other emirates. An ADGM-licensed firm does not need a VARA licence for the services it provides from ADGM.

What it does mean is that your complaints route, client-money rules and supervisory contact are all in Abu Dhabi. If you live in Dubai and want a VASPVASPVirtual Asset Service Provider — any licensed business that exchanges, holds or transfers crypto for clients. supervised by VARA specifically, M2 is the wrong choice. Our UAE crypto regulation guide explains how the four regimes fit together and how to check any licence in under five minutes.

The move away from retail users

In April 2025, Unlock Blockchain reported that M2 was repositioning itself as a “one-stop digital asset finance platform” for ultra-high-net-worth individuals, family offices and enterprises. The same report named a new leadership line-up, with James Greenwood (previously at Bitstamp) as CEO, and cited an unnamed source saying around 150 staff had been told of layoffs, mainly in retail product and exchange operations teams.

Press later dated the end of the retail exchange to September 2025. M2 published no announcement of its own, but the register settles the substance: the MTF permission was withdrawn on 26 August 2025. m2.com now speaks to “HNWI and Family Offices”, hedge funds, asset managers, private banks and miners, offering OTC trading, an Earn product (including an 8% APR USDT “Prestige” plan), financing and miner loans. Its app shows an eligibility warning when a balance is below M2’s minimum requirement of USD 100,000.

AED deposits and withdrawals: what is left

In July 2024, M2 announced an integration that let users buy and sell virtual assets directly through their UAE bank accounts, removing the need for international wires. At the time, that put it among the first locally regulated platforms with a domestic AED rail.

The m2.com site still contains screens for “Bank Deposit” in AED and AED/BTC and AED/ETH trading. But they sit behind the USD 100,000 threshold, and the entity that ran the AED order book no longer has its ADGM permission. We cannot confirm a working AED rail for ordinary individuals; at most, AED deposits may be available to qualifying clients above the minimum. If AED withdrawal options have disappeared from an old account, an off-rampOff-rampAny route that turns crypto back into regular money (AED in your bank, or cash). through another licensed exchange will mean sending coins out first, which brings network fees and, above AED 3,500, the travel ruleTravel RuleA rule that makes licensed platforms share sender and receiver details for transfers — in Dubai above AED 3,500. data checks.

Coins, fees and products: what is known

Third-party listings described M2 as offering “30+ curated assets”, with the CEO at one point citing 80–90 trading pairs globally. These figures date from the retail era, so treat them as historical. The April 2025 report also quoted market observers describing an earlier Bitcoin yield offer as overly aggressive and lacking transparency. We would not base any decision on a yield product whose current terms you cannot see in writing.

Current trading fees, spreadSpreadThe difference between the buy price and the sell price. A hidden cost: the wider the spread, the more you pay. levels and OTC pricing are not published. For a wealth-management client, pricing is usually negotiated; ask for a written fee schedule before trading.

If you already hold assets on M2

If you opened an M2 account during the retail years, a calm review of where you stand is worth an hour of your time. The custody entity is still supervised by the FSRA, so client assets are meant to be held separately under its rules. But your balance may now be below the minimum, and service terms for small accounts can change, so act before you receive an email rather than after.

1. Step

   Confirm which entity holds your account

   Open your client agreement or account settings and note the legal entity: M2 Limited, M2 Custody Limited or M2 Global Wealth Limited. Only M2 Custody Limited is active on the ADGM register; the third is regulated in the Bahamas.

2. Step

   Check the regulator's register yourself

   Look the entity up on the ADGM FSRA public register and screenshot the result with the date. If your contract names M2 Limited, ask support in writing which entity now holds your assets.

3. Step

   Ask support about your account in writing

   Ask whether accounts below USD 100,000 are still serviced, whether AED withdrawals to UAE banks still work, and what happens to balances under the minimum. Keep the reply; written answers matter if you ever need to complain to the regulator.

4. Step

   Test a small withdrawal

   Withdraw a small amount, in AED to your own bank account if available, or in crypto to a self-custodySelf-custodyHolding your own keys in your own wallet. Nobody can freeze your coins — but nobody can recover them if you lose the seed phrase. wallet. Note fees and timing. A successful test tells you more than any review page.

5. Step

   Move your main balance if you are below the minimum

   If you are a qualifying client comfortable with ADGM supervision, staying is a reasonable choice. Otherwise, move your main balance to a platform with a live retail service, and keep records of the transfer for your bank’s source-of-funds questions.

How M2 compares with VARA-licensed alternatives

For most UAE residents, the practical alternatives are exchanges that clearly serve retail clients and have AED rails. Binance FZE holds a VARA licence (VL/24/04/001) and runs AED deposits via ADCB, free to deposit and AED 10 to withdraw. OKX Middle East (VL/23/12/003) has AED pairs at 0.10% maker / 0.135% taker and free AED withdrawals. Crypto.com’s Dubai entity (VL/23/10/003) advertises free AED bank deposits from AED 10. Rain is licensed in both ADGM and, since October 2026, by VARA.

If your reason for liking M2 was “regulated in Abu Dhabi”, Rain covers that too, with a clearly retail product. Our Rain review goes through its licences, and the best crypto exchange comparison puts everything side by side. If you are moving a seven-figure sum, the OTC desk guide is a better starting point than any retail app.

CEX.IO is another route some residents use: it is a global exchange holding a Gibraltar GFSC DLT-provider licence and US FinCEN registration as a money services business, operating since 2013. It is not licensed by any UAE regulator and has no AED bank rail, so purchases go through cards or Apple Pay. Weigh that difference against a UAE-licensed platform before choosing.

Our verdict on M2 for UAE residents

M2 did the hard regulatory work early: an ADGM permission for both trading and custody, and direct AED banking at a time when few local platforms had it. For a while it was a natural choice for Abu Dhabi residents who wanted a local regulator.

That product no longer exists for ordinary investors. The trading-facility permission is withdrawn, the active entity is a custody company, and the site sets a USD 100,000 minimum. If you are a private-wealth client looking for an ADGM-regulated counterparty, talk to M2 directly and get terms in writing. If you are a retail user, choose a VARA- or ADGM-licensed exchange whose retail service is live, and review any remaining M2 balance now.