Mining Race / Mining Grid & ICONX in Dubai: IT licence instead of ‘crypto mining’

According to the files, Miningrid L.L.C. is duly registered in Dubai, but for IT, cloud and software services, not for crypto mining, financial services or investment products. ICONX Marketing Management L.L.C. had or has a marketing licence. Public authorisations permitting the distribution of mining packages, investments or virtual asset services are currently not apparent. Public representations suggesting ‘government-licensed Bitcoin mining’ are misleading.

Note from a user

An attentive user has sent us correspondence between the Foreign Trade Centre Abu Dhabi (WKO) and an Austrian company. This shows that the WKO confirms a valid business licence for Miningrid L.L.C. (founded on 12 July 2023) with activities in IT/cloud/software and at the same time refers to various warning signs at ICONX. In addition, there is an Arabic copy of the licence from the Department of Economy & Tourism (Dubai) for Miningrid, with the shareholders Solaiman Younis Mohamed Esmaeil Alrifai (80%) and Shaik Saeed Bin Hasher Bin Maktoum (20%).

Self-portrayal vs. reality

‘Mining Grid’/‘Mining Race’ advertises ‘premium mining services’, a ‘RACE Spot Licence’ and a showroom in Al Quoz. The ‘Mining Race’ app refers to ‘community cloud-based mining’ and alleged connections to large pools. PR texts and event announcements mainly originate from within the company’s own environment. However, public company profiles clearly classify Miningrid as part of the IT/software sector; a regulatory crypto/financial licence status is not verifiable. ICONX acts as a marketing agency; this does not constitute permission for mining or investment offers.

According to our research, it should be noted that although ICONX Marketing Management L.L.C. had a valid business licence, this expired on 19 May 2025. This was a pure marketing licence, not a mining or investment licence.

Miningrid L.L.C. also has a valid licence, but only for IT services, cloud and software trading. It does not have permission for mining or financial transactions.

Regulatory framework

Crypto activities in Dubai fall under the jurisdiction of the VARA and are subject to licensing. An IT or marketing licence does not cover such VASP activities. In the public VARA register, we found no entries for Miningrid L.L.C. or ICONX as of 28 August 2025. There are also no hits in the DFSA register (DIFC jurisdiction). A DET/DED trade licence does not replace a VARA permit. A request has already been submitted to the relevant authorities via our specialist solicitors.

Conclusion

Miningrid‘s Dubai licence covers IT/cloud/software, not bitcoin mining or investment services. ICONX is marketing. As long as there is no reliable regulatory evidence and technical documentation (audits, hashrate, contracts, payment flows), participation in ‘mining/RACE’ models is highly risky. Investors should not make any payments before licences and infrastructure are disclosed in a manner that can be independently verified.

Note:

This article is intended solely for information, journalistic analysis and independent opinion-forming within the meaning of Article 5 of the German Basic Law, Article 10 of the ECHR and Section 51 of the German Copyright Act (right to quote). All information is based on publicly available sources, official communications and careful editorial evaluation. A final legal assessment is reserved for the competent courts and authorities. Despite the utmost care, we cannot guarantee the accuracy, completeness or timeliness of the information contained herein.

Sources

Miningrid/Mining Grid (self-description): Website, products/“RACE Spot Licence”, address Al Quoz (miningrid.com).

Mining Race App: Google Play / Apple App Store – “community cloud-based mining”, “Mining Grid”.

PR/event traces: intlbm.com (04/2025); event notices/shows in Dubai (Al Quoz).

ICONX (self-description): website / founder / services.

Dubai licensing framework: VARA regulations & rulebooks (VASP activities); DET/DED notices on licence categories.