OKX Expands Crypto Trading Services in UAE with Full License
OKX Launches Crypto Trading Platform in UAE
OKX, a prominent crypto exchange, has officially launched its trading services for both retail and institutional investors in the United Arab Emirates (UAE) after obtaining a full operational license. This development marks a significant milestone for the exchange as it expands its global footprint.
Services Available for UAE Residents
Residents in the UAE who complete the necessary onboarding steps can now access a variety of services on the OKX platform. These services include spot trading, express buying and selling, conversion, and on-chain earning products. The platform is designed to cater to the specific needs of the UAE market, integrating features such as Arabic language support and AED trading pairs.
Advanced Trading for Qualified Investors
OKX offers derivatives trading for qualified traders and institutional investors who meet specific criteria. To qualify, investors must pass a knowledge test, undergo a suitability assessment, and provide documentation proving they have at least 500,000 dirhams in liquid assets. Institutional clients must meet additional requirements, including substantial balance sheets or turnover figures.
Strategic UAE Expansion
The recent launch follows OKX's acquisition of a conditional crypto license from Dubai's Virtual Assets Regulatory Authority (VARA), which became fully operational after compliance with UAE regulatory standards. The general manager for the Middle East and North Africa region emphasized the favorable business environment in the UAE and the potential for growth in the crypto sector.
AED Deposits and Withdrawals Enabled
OKX has enabled AED deposits and withdrawals through local bank accounts, allowing UAE investors to seamlessly trade their local currency against popular cryptocurrencies like Bitcoin, Ether, and Tether. This feature enhances the platform's accessibility and convenience for users in the region.
Conclusion
OKX's strategic move into the UAE market reflects its commitment to expanding crypto trading opportunities in the region. By offering a comprehensive suite of services tailored to local investors, OKX positions itself as a key player in the burgeoning UAE crypto industry.
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