Qualified users and institutions in the UAE can participate in derivatives trading.
UAE residents can deposit and withdraw UAE Dirhams (AED) from all UAE bank accounts and trade over 280 cryptocurrencies and 480 trading pairs on the OKX platform
OKX Founder and CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City Men’s First Team Head Coach Pep Guardiola, Skybridge Capital Founder and Managing Partner Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal, Stacks Co-founder Muneeb Ali attended the event as speakers and panelists.
On October 10, 2024, OKX, a global on-chain technology company, announced today that it has officially launched in the UAE and obtained an operating license. This means that OKX has become the first global cryptocurrency company to provide AED banking services to retail and institutional clients in the UAE.
OKX Middle East General Manager Rifad Mahasneh announced the news at the company’s gala event themed “New Choices for Dubai” held at the Museum of the Future. The event also featured OKX CEO Star Xu, CMO Haider Rafique, Manchester City Men’s First Team Head Coach Pep Guardiola, Skybridge Capital Founder and Managing Partner Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal, and Stacks Co-founder Muneeb Ali as guest speakers and panelists.
UAE residents can now access a range of services including spot trading, exchange, quick buy/sell and on-chain yield products after completing the required login steps on the OKX app and website. In addition, eligible users and institutions that meet certain criteria will be able to trade derivatives.
Virtual asset users in the UAE can now deposit and withdraw AED directly on the OKX platform through local bank accounts. OKX offers a wide selection of cryptocurrencies and trading pairs in the UAE, covering more than 280 cryptocurrencies and more than 480 trading pairs, including BTC/AED, ETH/AED and USDT/AED, etc.
The OKX event brought together outstanding leaders and innovators from various industries to discuss how blockchain technology can be used to drive future changes in various industries. Dubai was chosen as the venue for the event because it is at the forefront of this technological revolution and is aligned with its 2033 vision.
Rifad Mahasneh, General Manager of OKX Middle East and North Africa (MENA), said: “We are delighted to be the first global cryptocurrency exchange to receive a full operating license for retail and institutional clients in the UAE. Tonight’s event has brought together leaders and visionaries from various fields to discuss the bright future of this sector in the country and its impact on the business industry. We are firmly committed to local development and our product development also reflects this commitment. Tonight’s celebration is just the beginning of our long journey.”
UAE residents can visit the OKX website or download the OKX app through the App Store or Google Play and start trading after completing the verification process.
To celebrate the launch, OKX announced a reward of up to 100 AED for new users to encourage them to try out the new application. In the future, OKX will list more tokens for UAE users, and users can visit the platform to view the latest token list. In addition, the OKX website and application also provide Arabic user support.
The event and the launch of the UAE exchange are another important milestone in OKX’s commitment to localization. OKX first launched its exchange in Brazil in late 2023, followed by Turkey , Australia and the Netherlands in the first half of 2024.
To reinforce its commitment to security and risk management, OKX also appointed Yuri Mushkin as Global Chief Risk Officer at the event. Mushkin has over two decades of experience in capital markets and risk management, covering both traditional and digital assets, and has held senior management positions at multinational companies such as Goldman Sachs and McKinsey Co.
Last month, OKX SG announced that it had obtained a Large Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). In July this year, OKX designated Malta as its Crypto Asset Market (MiCA) center , and the platform will provide products and services to more than 450 million EU residents in the coming months.
OKX is one of the first companies in the crypto industry to publish monthly proof of reserves . The report will be published from the end of 2022 to verify the full solvency of customer funds on the platform. As of now, OKX has published snapshots for 23 consecutive months, continuing to lead the industry in adopting the newly upgraded reporting standards.
For more information, visit okx.com
Note 1: To be considered a “qualified” customer, users must complete a knowledge test, suitability assessment, and submit bank statements or other supporting documentation demonstrating that they have at least AED 500,000 in liquid cash and that these funds remain liquid for a reasonable period of time.
Note 2: To be considered an “institutional” client, a user must pass additional KYC (Know Your Customer) requirements and demonstrate compliance with the following two conditions: (1) a minimum total balance sheet of US$20 million; (2) an annual net turnover of US$40 million; and (3) a total equity capital of at least US$2 million.
About OKX
OKX is a technology company with a mission to organize the worlds blockchain and make it more accessible and practical. We are committed to creating a future where the world is more efficient, transparent and connected. OKX started as a cryptocurrency exchange, providing trading opportunities to millions of people and over time became one of the worlds largest trading platforms. In recent years, we have developed the worlds most widely connected on-chain wallet, helping millions of users access decentralized applications. Today, OKX is trusted by hundreds of large institutions, providing them with a reliable platform to enter the crypto market and seamlessly connect to global banking and payment systems. Our well-known products include: OKX Exchange, OKX Web3 Wallet, OKX Browser, OKX OS, OKX Ventures and OKX Institutional Services. For more information about OKX, please download our app or visit: okx.com
About VARA
Established in March 2022, VARA is the lead authority responsible for regulating, supervising and managing virtual assets (VAs) and related activities, covering all areas of Dubai, including special development areas and free zones, but excluding the Dubai International Financial Centre (DIFC). VARA plays a central role in developing Dubais advanced legal framework, protecting investors and establishing international standards for the governance of the virtual asset industry, while supporting the vision of a borderless economy. For more information, visit vara.ae.
Disclaimer
This announcement is for informational purposes only and does not constitute any investment, tax or legal advice, nor should it be considered an offer to buy, sell, hold or provide any services related to digital assets. Digital assets (including stablecoins) are highly risky, volatile in price and may become worthless. You should carefully consider your financial situation and risk tolerance to determine whether trading or holding digital assets is suitable for you. OKX does not make investment or asset recommendations, you are responsible for your own investment decisions and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Not all products are available in all regions. Please consult your legal/tax/investment professional for questions in your specific situation. OKX Middle East Fintech FZE is licensed by the Virtual Asset Regulatory Authority (VARA) to provide virtual asset trading services, virtual asset management and investment services, and virtual asset lending services. OKX Middle East Fintech FZE operates under VASP reference number: VL/23/12/003.
