OKX launched its VARA-licensed crypto exchange in Dubai. It became the first to offer AED-denominated trading in the UAE.
Through an integration with Zand Bank, the exchange enables both retail and institutional investors to trade using the UAE dirham. This launch comes 9 months after OKX received regulatory approval from VARA.
AED-Denominated Trading and Seamless Banking Integration on OKX
Users in the UAE can now trade directly with AED on OKX’s new platform, which is a big step forward in their crypto market.
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OKX Middle East GM Rifad Mahasneh stated,
“We are now the first major licensed global exchange to serve both retail and institutional clients in the UAE. This…allows us to offer a broad range of crypto trading services in the UAE…”
At launch, the main trading pairs will include BTC/AED, ETH/AED, and USDT/AED. In addition to that, Mahasneh said that users can deposit and withdraw AED through local UAE bank accounts fully integrated with Zand Bank, making the process seamless for users.
OKX: Institutional Access and Regulated Derivatives Trading
OKX’s platform also includes derivatives trading. It is for qualified traders and institutional investors only after passing certain criteria.
Retail investors must pass a knowledge test, go through a suitability assessment, and also provide evidence of having 500,000 dirhams worth around $136,000 to qualify. These requirements ensure that only knowledgeable and financially capable individuals engage with these high-risk trading products.
OKX has strict liquidity requirements for institutional investors. That includes a $20M minimum balance sheet, $40M annual net turnover, or $2M in liquid funds. The Company enforces these standards to ensure they comply with UAE rules and provide institutional clients with advanced financial tools.
Dubai’s Growing Role as a Global Crypto Hub
Due to a favorable regulatory environment and strategic location, Dubai has quickly become a global hub for cryptocurrency and blockchain innovation. OKX’s
With its operations aligned with local regulations, the exchange’s presence in the UAE, among other developments, can help the country solidify its presence in the blockchain and crypto space. Apart from OKX, crypto exchange M2 also onboarded AED for trading a few months ago.
