Crypto exchange OKX launched its trading platform for retail and institutional investors in the United Arab Emirates after securing a full license.
In an announcement sent to Cointelegraph, the crypto exchange said UAE residents who completed the mandatory onboarding steps on the OKX website or application can access its services. This includes spot trading, express buy and sell, conversion and onchain earning products.
Qualified and institutional investors can access derivatives trading
In addition, the trading platform said that qualified traders and institutional investors who meet certain criteria will be given access to derivatives trading on the platform.
According to OKX, for customers to qualify for derivatives trading, they must complete a knowledge test and perform a suitability assessment. In addition, they should provide supporting documents that prove they have 500,000 dirhams (roughly $136,000) in cash that will remain liquid for a “reasonable” period, which the exchange did not specify.
OKX added that for customers to be considered institutional clients, they must accept its Know-Your-Customer conditions and pass two out of the three liquidity requirements: $20 million minimum balance sheet, $40 million annual net turnover or own funds totaling at least $2 million.
Related: UAE exempts crypto transfers, conversion from value-added tax
The announcement comes almost nine months after the exchange acquired a conditional crypto license from Dubai’s Virtual Assets Regulatory Authority (VARA). Still, that license remained non-operational until the exchange fulfilled the requirements set by the UAE regulator.
Rifad Mahasneh, OKX’s general manager for the Middle East and North Africa (MENA) region, told Cointelegraph that the company sees tremendous potential in the UAE. The executive said it’s easy to do business in the jurisdiction as the environment created by regulators allows them to plan and invest for the future.
“We are extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years,” Mahasneh said.
OKX enables AED deposits and withdrawals for residents
The trading platform also highlighted that UAE crypto investors can deposit or withdraw fiat dirhams from OKX through local bank accounts. Users will also be able to trade their UAE dirhams (AED) with various cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Tether (USDT). Mahasneh explained:
“Our platform is tailored specifically to the UAE market, starting with key features like Arabic language integration, Arabic-language customer support, and UAE dirham trading pairs, which make it simple and intuitive for users to deposit, withdraw, and trade their favorite cryptocurrencies.”
Besides OKX, crypto exchange M2 has announced that it integrated dirhams into its trading platform. On July 31, the trading platform said that users can convert their BTC and ETH directly into dirhams using their platform. The exchange previously told Cointelegraph that this allows traders to swiftly adapt to market changes.
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