Rain is a Middle Eastern cryptocurrency exchange company that operates through its holding company, Rain Financial Inc., Las Vegas – This Resource site – which oversees Rain Management W.L.L. In 2023, Rain Trading Limited received regulatory approval from Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA), allowing it to expand its services in the UAE. Middle East after receiving a license from the Central Bank of Bahrain (CBB). In 2019, Rain Management W.L.L. Rain Trading Limited in the United Arab Emirates, and Rain Yazilim ve Ticaret in Turkey.

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Some of the stolen funds were traced. Mughal, Waqar. “50 Most Funded Startups 2022”. Forbes Lists. Nagraj, Aarti (11 October 2018). “Bahrain’s digital currency exchange Rain eyes GCC launch next year”. Alkhalifa, Mohamed Rashed. “Coinbase, Kleiner Perkins Participates In Bahraini Crypto Firm Rain’s $110M Funding Round”. Sayegh, Hadeel Al (25 July 2023). “Crypto exchange Rain to target UAE asset managers after winning licence”. Salian, Neesha (14 April 2022). “Bahrain-based cryptocurrency platform Rain announces 0% trading fees”. Reporter, The Newspaper’s Staff (25 September 2021). “Cryptocurrency trade platform set to launch”. Parasieand, Nicolas; Bartenstein, Ben. Tribune, Qatar (19 January 2022). “Rain raises $110m in new funding round”. Brewster, Thomas. “How North Korean Hackers Pilfered $16 Million From A Crypto Exchange Via LinkedIn”. Sapra, Bani (18 January 2022). “Bahraini crypto exchange Rain raises $110m”. Rain” raises $110 million in Series B funding”.

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy to establish a regulated cryptocurrency platform in the Middle East. In 2021, it raised $6 million in a Series A funding round led by Middle East Venture Partners. The company entered the Central Bank of Bahrain’s (CBB) regulatory sandbox in 2017, becoming the first crypto-asset company to be accepted into the program. The regulatory sandbox allowed Rain to collaborate with the CBB and work within a regulatory framework while ensuring compliance with local and Shariah standards.

In January 2022, Rain closed a $110 million Series B funding round led by Paradigm and Kleiner Perkins, with participation from Coinbase Ventures, Global Founders Capital, MEVP, and Cadenza Ventures. In April 2024, Rain experienced a security breach resulting in the loss of $16 million in cryptocurrency. The hackers tricked the employee into downloading malware, allowing them to steal private keys and access Rain’s crypto wallets. The funding was intended to support the company’s expansion across the Middle East and North Africa and to further develop its regulatory and operational infrastructure. The U.S. Department of Justice identified the attackers as the North Korean Lazarus Group, which gained access to Rain by using LinkedIn to contact an employee with a fake job offer.

In 2023, Rain Trading Limited received regulatory approval from ADGM’s FSRA, allowing it to expand operations across the UAE and target asset managers for virtual asset brokerage and custody services. In April 2022, the company introduced a zero percent trading fee structure to simplify the trading process and reduce costs for investors in the Middle East and North Africa (MENA) region. 6 on Forbes’ list of the 50 most-funded startups. In mid-2022, Rain Financial reduced its workforce in response to a downturn in the cryptocurrency market which saw Bitcoin drop over 50% and the market shed over $2 trillion. The decision was made due to challenging market conditions and a decline in digital asset prices, which affected trading volumes.