Rain is a Middle Eastern cryptocurrency exchange and digital-asset services company focused on regulated buying, selling, custody, and brokerage services.
Last updated November 4, 2026
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Overview
Rain is a cryptocurrency exchange and digital-asset services brand established in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The company was created to build a regulated cryptocurrency platform for customers in the Middle East and North Africa, rather than operating solely as an unregulated trading venue. Its corporate structure operates through Rain Financial Inc., which oversees Rain Management W.L.L. in Bahrain and related regional entities. Rain’s initial regulatory development took place in Bahrain. In 2017, the company entered the Central Bank of Bahrain’s regulatory sandbox, becoming the first crypto-asset company accepted into that program according to the referenced account. The sandbox gave Rain an opportunity to develop its platform in consultation with the central bank and to work toward compliance with local regulatory and Shariah-related requirements. In 2019, Rain Management W.L.L. became the first licensed crypto-asset service provider in the Middle East after receiving authorization from the Central Bank of Bahrain. This licensing milestone became a central part of Rain’s market positioning: the company presented access to digital assets as a service that should be delivered within a formal supervisory framework. The company’s business has included cryptocurrency trading and brokerage, digital-asset custody, and related infrastructure for retail and institutional users. In April 2022, Rain introduced a zero-percent trading-fee structure intended to simplify the customer experience and lower the cost of transactions for investors in the MENA region. The fee initiative formed part of a broader effort to make cryptocurrency access more straightforward while competing in a rapidly developing regional market. Rain financed its expansion through several venture-capital rounds. Its 2017 seed round reportedly raised $2.5 million and was co-led by BitMEX Ventures. In 2021, the company raised a $6 million Series A round led by Middle East Venture Partners. In January 2022, it announced a $110 million Series B round led by Paradigm and Kleiner Perkins. The company said the larger round would support geographic expansion across the Middle East and North Africa and strengthen its regulatory and operating infrastructure. Rain was also ranked sixth on Forbes’ 2022 list of the 50 most-funded startups, as described in the reference material. The company’s growth occurred during a severe cryptocurrency-market downturn. In mid-2022, Rain Financial reduced its workforce after cryptocurrency prices fell sharply and the wider digital-asset market lost substantial value. The reduction illustrated the tension between Rain’s expansion plans and the volatility of the industry in which it operates. Rain continued its regional regulatory expansion in 2023, when Rain Trading Limited received approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market. The authorization enabled the company to expand in the United Arab Emirates and pursue virtual-asset brokerage and custody services for asset managers. This development extended Rain’s regulated-services model beyond Bahrain. In April 2024, Rain suffered a major security incident involving the theft of approximately $16 million in cryptocurrency. The U.S. Department of Justice attributed the attack to the North Korean Lazarus Group. According to the referenced account, the attackers approached a Rain employee through LinkedIn using a fraudulent job opportunity, induced the employee to download malware, and used the resulting access to compromise private keys and cryptocurrency wallets. Some of the stolen assets were traced and partially recovered. The incident highlighted the operational and cybersecurity risks faced by centralized digital-asset platforms, including the need to protect employee endpoints, wallet infrastructure, and key-management systems. Rain remains associated with regulated cryptocurrency services in the Middle East, with Bahrain as its foundational regulatory market and the UAE as an important expansion market. Its identity combines regional financial-technology specialization, licensing and compliance, cryptocurrency brokerage, custody, and efforts to serve both individual and professional customers.
History
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy with the goal of creating a regulated cryptocurrency platform for the Middle East. Rather than treating regulatory approval as a later-stage feature, the company made formal oversight and regional compliance part of its initial operating model. That effort began in Bahrain, where Rain entered the Central Bank of Bahrain’s regulatory sandbox in 2017. The program allowed the company to develop its cryptocurrency services while working with the central bank on regulatory, operational, and compliance expectations. Rain was described as the first crypto-asset company admitted to the sandbox. The company also worked within a framework intended to address local and Shariah-related standards. In 2019, Rain Management W.L.L. became the first licensed crypto-asset service provider in the Middle East after obtaining a license from the Central Bank of Bahrain. The authorization provided a foundation for Rain’s regional identity as a supervised digital-asset company and distinguished it from cryptocurrency platforms operating without comparable local licensing. Rain raised a $2.5 million seed round in 2017, co-led by BitMEX Ventures and other investors. It subsequently raised a $6 million Series A round in 2021 led by Middle East Venture Partners. In January 2022, the company closed a $110 million Series B financing led by Paradigm and Kleiner Perkins. The financing was intended to fund expansion throughout the Middle East and North Africa and to develop the company’s regulatory and operational infrastructure. Rain was also listed sixth in Forbes’ 2022 ranking of the 50 most-funded startups, according to the referenced material. The company expanded its customer proposition in April 2022 by introducing zero-percent trading fees. The initiative was designed to reduce friction for MENA cryptocurrency investors and make the pricing of trades easier to understand. However, the expansion period coincided with a severe downturn in digital assets. In mid-2022, Rain Financial reduced its workforce as cryptocurrency prices fell and the total market value of the sector contracted sharply. The workforce reduction reflected the sensitivity of exchange businesses to trading activity, asset prices, and investor confidence. Rain pursued further regulatory reach in the United Arab Emirates in 2023. Rain Trading Limited received approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market. The approval enabled the company to expand in the UAE and seek to provide virtual-asset brokerage and custody services to asset managers. This step extended Rain’s regulated regional model from its Bahrain base into another significant financial center. In April 2024, Rain experienced a serious cybersecurity incident. Approximately $16 million in cryptocurrency was stolen after attackers obtained access to private keys and cryptocurrency wallets. The U.S. Department of Justice identified the attackers as the Lazarus Group of North Korea. The reported method involved contacting a Rain employee on LinkedIn with a fake employment opportunity and persuading the employee to download malware. The compromised access was then used to facilitate the theft. Some of the funds were traced and partially recovered. Rain’s history therefore combines the expansion of regulated cryptocurrency infrastructure in the Middle East with the commercial pressures and security risks of the wider digital-asset industry. Its major turning points include entry into Bahrain’s regulatory sandbox, receipt of the region’s first crypto-asset service-provider license, successive venture financings, the 2022 fee change and workforce reduction, UAE regulatory approval, and the 2024 wallet-security breach.
- 2024
Cryptocurrency security breach
[1]Rain suffered a breach involving the theft of approximately $16 million in cryptocurrency; some assets were subsequently traced and partially recovered.
- 2023
Abu Dhabi regulatory approval
[1]Rain Trading Limited received approval from ADGM’s Financial Services Regulatory Authority to expand virtual-asset brokerage and custody services in the UAE.
- 2022
Series B financing
[1]Rain closed a reported $110 million Series B round led by Paradigm and Kleiner Perkins to support regional expansion and infrastructure development.
- 2022
Zero-percent trading-fee structure introduced
[1]Rain introduced a zero-percent trading-fee structure for customers in the Middle East and North Africa.
- 2021
Series A financing
[1]Rain raised a reported $6 million Series A round led by Middle East Venture Partners.
- 2019
First Middle Eastern crypto-asset service-provider license
[1]Rain Management W.L.L. received a license from the Central Bank of Bahrain and became the first licensed crypto-asset service provider in the Middle East, according to the referenced material.
- 2017
Founded and admitted to Bahrain’s regulatory sandbox
[1]Rain was founded by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy and entered the Central Bank of Bahrain’s regulatory sandbox.
- 2017
Seed financing
[1]Rain raised a reported $2.5 million seed round co-led by BitMEX Ventures and other investors.
Products and positioning
A regulated Middle Eastern digital-asset platform emphasizing licensing, compliance, custody, and accessible cryptocurrency trading.
Cryptocurrency exchange · 2017
Rain cryptocurrency exchange
Rain’s core offering is a digital-asset exchange and brokerage service for buying and selling cryptocurrencies. The platform was developed for customers in the Middle East and North Africa and is associated with a regulated operating model, beginning with Bahrain’s regulatory sandbox and later licensing by the Central Bank of Bahrain. Its pricing proposition included a zero-percent trading-fee structure introduced in 2022.
Cryptocurrency custody · 2023
Digital-asset custody
Rain provides custody-related digital-asset services, including services aimed at professional and institutional customers. In the UAE, regulatory approval for Rain Trading Limited supported the company’s stated expansion into virtual-asset brokerage and custody for asset managers. Custody is a strategically important part of Rain’s model because it connects exchange activity with institutional asset-servicing requirements.
Controversies
2024
Rain cryptocurrency wallet breach
In April 2024, attackers stole approximately $16 million in cryptocurrency from Rain. The U.S. Department of Justice attributed the attack to North Korea’s Lazarus Group. The reported intrusion began with a fraudulent LinkedIn job offer sent to an employee, followed by malware installation and access to private keys and wallets. Some of the stolen funds were traced and partially recovered.
Brand decisions
2023
Expansion into the UAE through ADGM authorizationStrategyBackground
Rain aimed to extend its regulated digital-asset model beyond Bahrain and reach asset managers in the United Arab Emirates.
Action taken
Rain Trading Limited obtained approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market.
Aftermath
The approval enabled Rain to expand UAE virtual-asset brokerage and custody services.
2022
Adoption of zero-percent trading feesPrice changeBackground
Rain sought to make cryptocurrency trading easier to understand and less costly for investors in the Middle East and North Africa.
Action taken
The company introduced a zero-percent trading-fee structure in April 2022.
Aftermath
The change strengthened Rain’s low-friction pricing proposition, although the company later faced a broader cryptocurrency-market downturn and reduced its workforce in mid-2022.
Recent events
Rain raises $110 million in Series B funding[2]
Bahrain-based cryptocurrency exchange platform Rain raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, with participation from other investors. Rain said it planned to use the investment for geographical expansion, technology upgrades, and team growth.
Rain raises $110 million in Series B funding[3]
Bahrain-based cryptocurrency exchange Rain raised $110 million in a Series B funding round co-led by Paradigm and Kleiner Perkins, with participation from other investors.
Reported
Rain launches commercial Standalone 5G network[4]
Rain launched its first commercial Standalone 5G network in South Africa, with availability in areas of Cape Town.
Sources5 sources
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