Crypto exchange OKX has recently launched in the UAE after receiving a full license from VARA nine months ago. The exchange is focusing on attracting institutional investors who are new to the crypto market, as well as targeting the retail market in the country.
The launch in the UAE includes offering an AED-denominated order book and integrating with a local bank to provide a seamless trading experience for residents. This move eliminates the need for a broker and allows for direct access to the market, which can often lead to lower costs and reduced friction in trading.
Rifad Mahasneh, OKX’s general manager for the Middle East, highlighted the company’s goals of becoming the preferred retail app and market in the region, while also working on bringing traditional institutions into the crypto space. By offering regulated derivatives products, local-currency trading, and a local banking channel, OKX aims to provide global institutions with the confidence to enter the market.
OKX’s banking partner in the UAE is Zand Bank, known as the country’s first fully licensed, all-digital bank. This partnership, along with the availability of 280 tokens and 400 trading pairs, sets OKX apart as the first major exchange to offer an AED banking integration, an AED order book, and regulated derivatives in the region.
Other international exchanges like Binance and Crypto.com also hold full licenses from VARA. While Crypto.com’s retail app is now accessible in the UAE following a partnership with Standard Chartered, Binance has not confirmed if it has launched in the country yet.
The approval process for OKX took 24 months from start to finish, with the license issued by VARA on September 17. Mahasneh emphasized the importance of meeting the regulatory conditions and testing the product before going live to ensure a smooth and compliant operation in the market.
Overall, OKX’s entry into the UAE market signifies a significant step towards bridging the gap between traditional finance institutions and the growing crypto industry. With a focus on both retail and institutional clients, the exchange aims to drive adoption and provide a secure and regulated platform for trading digital assets in the region.
