- OKX has become the first exchange in the UAE to provide an opportunity for AED trading.
- The trading platform supports 280 tokens for retail and institutional clients and 400 pairs.
- Deposits and withdrawals of AED are now connected with Zand Bank.
Recently, OKX launched its VARA-licensed crypto exchange in Dubai on Thursday. After the launch, OKX became the first globally prominent exchange to receive the license.
This license enables it to operate with retail and institutional clients through integration with Zand Bank in the UAE.
The opening happened nine months after the Virtual Assets Regulatory Authority (VARA) awarded the company full regulatory status.
OKX launch Enables AED Trading: Enhancing Seamless Banking Integration
With this launch, the crypto market in the UAE has received a great boon. The users can now directly benefit from AED trading on OKX. OKX itself is a crypto exchange platform.
“We are now the first major licensed global exchange to serve both retail and institutional clients in the UAE. This significant milestone allows us to offer a broad range of crypto trading services in the UAE through our local entity, OKX Middle East Fintech FZE.” OKX Middle East GM Rifad Mahasneh stated.
Furthermore, he added, “ We are extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years.
At the initial stage, the main trading pairs will be BTC/AED, ETH/AED, and USDT/AED. Besides, Rifad Mahasneh further explained that users can deposit and withdraw AED through fully enabled UAE local bank accounts linked with Zand Bank.
Institutional Access To Regulated Derivatives Trading: Key Benefits
Furthermore, the crypto exchange platform stated that it will open the functionality of trading derivatives on the platform. This facility would only be available for traders and institutional investors meeting the required criteria.
As stated by OKX, derivatives trading is available for its customers. However, they must pass a knowledge test and go through a suitability assessment test.
Besides, they should submit documents. These documents should demonstrate that the gross cash of 500,000 dirhams (approximately $136,000) will remain liquid for a ‘reasonable’ period. The exchange has not defined it.
OKX has rather stringent liquidity measurements applied to institutional customers. These measurements include the minimum balance sheet of $20 Million, net turnover of $40 Million a year, or $2 Million in liquid assets.
OKX maintains these standards to make sure they align with UAE regulations. It offers institutional customers sophisticated financial instruments.
Dubai Emerges as a Key Player in the Global Crypto Landscape
Dubai’s cryptocurrency and blockchain industry is flourishing because of supportive policies and an excellent geographical location. The OKX “A New Alternative for Dubai” event at the Museum of the Future featured Star Xu, Pep Guardiola, and Anthony Scaramucci.
Apart from OKX, another crypto exchange, M2, revealed that it included dirhams in the platform’s list of instruments. On July 31, the trading platform stated that the customers could exchange their BTC and ETH securely for dirhams with their help.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
