Cryptocurrency exchange and Web3 platform OKX has officially launched in the United Arab Emirates becoming the first crypto company to offer AED banking rails for retail and institutional customers.
UAE residents who complete the required onboarding steps on the OKX app and website can now access a range of services, including spot trading, convert, express buy and sell, and on-chain earning products.
Virtual asset investors in the UAE can deposit and withdraw AED directly to and from the OKX platform via local bank accounts. OKX offers a range of cryptocurrencies and trading pairs in the UAE, with over 280 tokens and 480 trading pairs, including Bitcoin, Ether, USDT and more.
OKX Middle East General Manager, Rifad Mahasneh, made the announcement at a company gala event at the Museum of the Future. The event featured OKX CEO Star Xu, OKX CMO Haider Rafique, and even Pep Guardiola, Manager of Manchester City – a sponsored partner of OKX
Commenting on the launch at the event, OKX MENA General Manager, Rifad Mahasneh, said: “We’re thrilled to be the first global crypto exchange to launch with a full operating licence for retail and institutional clients in the UAE.
“We’ve brought leaders and visionaries from diverse backgrounds to tonight’s event to discuss the bright future of this space in the country and region and its impact on business sectors.
“We’re deeply committed to growing locally and our product development reflects this commitment. Tonight’s celebration is just the beginning of a long-term journey.”
At the beginning of 2024, OKX received a full operational licence from the UAE’s Virtual Assets Regulatory Authority (VARA) after previously operating with a preparatory licence.
Crypto and financial innovation has been at the core of the UAE’s ambitions to become a leader and home for crypto companies and development, attracting the likes of OKX and Crypto.com to operate within the country.
UAE has not been the only market OKX is interested in. Over the past year, the crypto company has launched its services in Brazil, Türkiye, the Netherlands and Australia.
