According to data from app analytics platform AppsFlyer, 2024 cryptocurrency app adoption in the United Arab Emirates saw a significant increase, with downloads of the top 49 crypto apps rising from 6.2 million in 2023 to 15 million, a 41% growth.
This trend was especially notable in the year’s second half, with monthly installs exceeding 1 million in the final quarter, including a peak of 2.8 million downloads in December.
AppsFlyer attributed this rapid growth to key developments within the cryptocurrency sector, which fueled increased user interest and engagement. One major factor was the outcome of the U.S. presidential election. Shani Rosenfelder, director of market insights at AppsFlyer, noted that Trump’s pro-crypto stance contributed to the rise in crypto app adoption.
However, while adoption surged, retaining users proved to be a challenge. Rosenfelder highlighted that aggressive marketing efforts accounted for 60% of crypto app traffic in 2024, yet many users failed to stay engaged. AppsFlyer’s analysis of engagement trends on Android devices revealed that one in five crypto apps was uninstalled within 30 days, underscoring the difficulty in maintaining long-term user retention.
Despite this challenge, the AppsFlyer team emphasized that crypto app marketers have strong incentives to sustain their promotional efforts. Crypto app installs in the UAE surged to nearly 3.5 million in January alone—more than half of the total installs recorded throughout 2023.
While the UAE has emerged as a key market for crypto adoption, it has also been at the centre of regulatory scrutiny. Recently, CLS Global, a UAE-based crypto trading firm, agreed to plead guilty to market manipulation and wire fraud after an FBI undercover operation. The firm admitted to inflating trading volumes for NexFundAI (NEXF), a fake crypto token created by the FBI, through wash trading to mislead investors about its popularity, leading to criminal charges revealed in September 2024.
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