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Check if a crypto exchange meets basic safety criteria based on the article's findings about UPEX's failure.
Safety Assessment
UPEX was supposed to be the go-to crypto exchange for the Middle East and North Africa. Launched in 2018 by a company called OneMena and based in Bahrain, it promised Arabic language support, AED trading pairs, and a local touch that big global exchanges didn’t offer. At one point, it claimed to have 300,000 users. But today, in 2025, UPEX doesn’t exist as a functioning platform. No trades. No deposits. No customer support. Just a website that loads slowly-or doesn’t load at all-and a ghost town of abandoned accounts.
What UPEX Actually Offered (When It Was Alive)
When UPEX was running, it wasn’t flashy. It didn’t have hundreds of coins like Binance or complex derivatives like Bybit. But it did have one real advantage: it spoke Arabic. For users in Saudi Arabia, Egypt, or the UAE who weren’t comfortable with English interfaces, UPEX was one of the few exchanges that made sense. It also supported trading in AED, which meant you could buy Bitcoin or Ethereum directly with UAE Dirhams without jumping through currency conversion hoops.
The platform had a standard desktop interface-order book, price chart, buy/sell buttons. It also claimed to have a mobile app, but no one seems to remember using it. Most trading happened on desktop. The UI wasn’t revolutionary, but it worked well enough for basic spot trading. If you were just buying and holding crypto, you could get by.
OneMena, the company behind UPEX, said it was part of the Central Bank of Bahrain’s regulatory sandbox. That sounds official. But here’s the problem: no one could explain what that actually meant. Was it licensed? Was it supervised? Did it follow anti-money laundering rules? The exchange never provided clear documentation. Even industry reviewers like Cryptowisser admitted they weren’t sure what the sandbox status meant. That ambiguity became a red flag.
The Slow Collapse: What Went Wrong?
By 2021, things started falling apart. Trading volumes dropped. Customer support stopped replying. Updates on social media vanished. The website stayed online, but it became a shell. No new coins were added. No new features launched. No announcements. Just silence.
By 2022, CoinMarketCap stopped tracking UPEX’s trading volume. The listing changed from “tracked” to “untracked.” That’s a big deal. It means the data aggregators-companies that monitor every exchange worldwide-decided UPEX wasn’t doing any real business anymore. No trades. No liquidity. No reason to list it.
ICORankings, a crypto exchange review site, summed it up bluntly: “Post-2021, it’s ceased functioning.” That’s not a rumor. That’s a fact based on data. Myfxbook, another financial data provider, lists UPEX under “Closed Crypto Exchanges.” Zero user reviews. Zero activity. Zero hope.
Compare that to Rain, a UAE-based exchange that got full licensing from the Abu Dhabi Global Market (ADGM) in 2022. Rain grew to over a million users. It had clear rules, transparent operations, and real customer service. UPEX had none of that. It tried to be the local hero but never built the foundation to stay one.
Why UPEX Failed When Others Succeeded
The MENA crypto market was growing fast. In 2023, transaction volumes hit $1.2 billion. But only exchanges with real regulation survived. Binance MENA, BitOasis, and Rain all secured formal licenses. They hired compliance teams. They published audit reports. They answered questions from regulators.
UPEX didn’t. It relied on vague claims about being in a “sandbox.” That’s not a license. It’s a trial run. And if you don’t pass the trial, you get kicked out. There’s no evidence UPEX ever passed. No press releases from the Central Bank of Bahrain confirming its status. No regulatory filings. No public audit.
Another problem: liquidity. Crypto exchanges need buyers and sellers. If no one’s trading, the price doesn’t move. If the price doesn’t move, traders leave. UPEX never built enough volume to sustain itself. Even its claimed 300,000 users? No one’s seen proof. No Reddit threads. No Trustpilot reviews. No forum discussions from real users. That number feels made up.
Can You Still Use UPEX Today?
No.
Try visiting https://ex.upex.io/. The site might load, but you won’t be able to log in. Deposits won’t go through. Withdrawals? Forget it. The app isn’t on the Apple App Store or Google Play anymore. Even if you still have an old account, your funds are likely gone-or locked forever.
There’s no customer service email. No live chat. No phone number. No social media activity since 2021. The company behind it, OneMena, has disappeared from LinkedIn. No press releases. No interviews. No answers.
If you ever used UPEX, you’re probably out of luck. There’s no recovery process. No official statement about refunds. No legal recourse listed anywhere. It’s a complete dead end.
What This Means for Crypto Users in the MENA Region
UPEX’s collapse isn’t just a footnote. It’s a warning.
Many people in the Middle East still trust local exchanges because they feel more “relatable.” But being local doesn’t mean being safe. UPEX was local. It spoke Arabic. It accepted AED. And it vanished without a trace.
The lesson? Always check for real regulation. Look for licenses from recognized financial authorities-not sandbox programs that mean nothing. Ask: Is this exchange registered with the Central Bank? Is it audited? Does it have a clear legal structure? If you can’t find answers, walk away.
Today, the best options in the region are Rain (UAE), BitOasis (UAE), and Binance MENA. All have clear licenses. All have active customer support. All have real trading volume. None of them promise the moon and then disappear.
Final Verdict: Avoid UPEX Completely
UPEX was never a top-tier exchange. But it had potential. It had the right market, the right language, the right currency. What it didn’t have was integrity. It didn’t have transparency. And it didn’t have the discipline to keep running after the initial hype faded.
As of 2025, UPEX is dead. Not just inactive. Not just struggling. Dead.
If you’re looking for a crypto exchange in the MENA region, don’t waste time on UPEX. Don’t even click its website. Your money and your data aren’t safe there. Instead, choose a platform that’s still alive, still regulated, and still answering questions. Your future self will thank you.
Is UPEX still operational in 2025?
No, UPEX is not operational. As of 2025, the exchange has been inactive since 2021. Its website is unreachable or non-functional, trading volumes are zero, and all major data providers like CoinMarketCap and Myfxbook classify it as a closed or untracked exchange. No deposits, withdrawals, or customer support are available.
Did UPEX have a license from the Central Bank of Bahrain?
UPEX claimed to be part of the Central Bank of Bahrain’s regulatory sandbox, but there is no public record or official confirmation that it received a license. The sandbox is a testing program, not a license, and UPEX never demonstrated compliance beyond initial claims. No regulatory filings or audits were ever made public, leaving its legal status ambiguous and unverified.
Can I recover my funds from UPEX?
There is no known way to recover funds from UPEX. The platform has no customer service, no legal contact, and no official communication about asset recovery. Since the exchange ceased operations without notice, users are effectively locked out of their accounts with no recourse or refund process available.
Why did UPEX fail while other MENA exchanges succeeded?
UPEX failed because it relied on vague regulatory claims instead of real compliance. It never secured a formal license, didn’t publish audits, and stopped updating its platform after 2021. In contrast, exchanges like Rain and BitOasis obtained full licensing from regulators like ADGM, maintained transparency, and kept their services running-earning user trust and market share.
Is UPEX’s website still active?
The website ex.upex.io may load, but it’s non-functional. You cannot log in, deposit, withdraw, or contact support. The site appears abandoned, with no updates, no security patches, and no evidence of ongoing operations. It is essentially a digital tomb.
Are there any alternatives to UPEX in the MENA region?
Yes. Rain (UAE), BitOasis (UAE), and Binance MENA are all active, regulated, and trusted alternatives. They offer Arabic support, AED trading pairs, proper licensing, and real customer service. These platforms have proven they can operate sustainably, unlike UPEX.
Elizabeth Mitchell
October 28, 2025 AT 20:11Wow, this is such a sobering reminder that local doesn’t mean safe. I used to think if an exchange spoke Arabic and took AED, it was trustworthy. Turns out, all that matters is whether they’re actually regulated. UPEX was basically a fancy-looking ghost town with a website.
Still, it’s wild how many people fell for it. I guess when you’re new to crypto, you latch onto anything that feels familiar.
Chris Houser
October 30, 2025 AT 06:42As someone from Nigeria, I’ve seen this play out a dozen times. Local exchanges pop up, promise easy access, and vanish before you can withdraw. The real lesson? Never trust a platform that can’t show you a license number. If they’re hiding behind ‘sandbox’ buzzwords, run.
UPEX didn’t fail because of competition-it failed because it was built on smoke and mirrors.