• 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 blockchain technology company, announced today that it has officially launched in the UAE and obtained an operating license. This means that OKX becomes the first global cryptocurrency company to offer 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 grand event themed “A New Choice for Dubai” held at the Museum of the Future. The event also invited OKX CEO Star Xu, Chief Marketing Officer 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, Stacks Co-founder Muneeb Ali as guest speakers and panelists.
UAE residents can now access a range of services including spot trading, exchange, fast buy and sell, and on-chain yield products after completing the required login steps on the OKX app and website. In addition, qualified users and institutions that meet certain conditions will be able to trade derivatives.
Virtual asset users in the UAE can now deposit and withdraw AED directly on the OKX platform through their 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, among others.
The OKX event brings 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.
OKX General Manager for the Middle East and North Africa (MENA) Rifad Mahasneh said: "We are delighted to be the first global cryptocurrency exchange to receive a full operating license to serve 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 field 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 to start trading after completing the verification process.
To celebrate the launch, OKX has announced a bonus of up to 100 AED for new users to try out the new app. 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, Arabic user support is available on the OKX website and app.
The event and the launch of the UAE exchange is another important milestone in OKX’s commitment to local development. OKX first launched its exchange in Brazil in late 2023, followed by Turkey, Australia and the Netherlands in the first half of 2024.
Reinforcing its commitment to security and risk management, OKX also appointed Yuri Mushkin as Global Chief Risk Officer at the event. Mushkin has more than two decades of capital markets and risk management experience, covering both traditional and digital assets, and has held senior executive positions at multinational companies such as Goldman Sachs and McKinsey & Co.
Last month, OKX SG announced that it had received a Large Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). In July, OKX designated Malta as its Marketplace for Crypto-Assets (MiCA) hub, with the platform set to offer products and services to over 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 late 2022 to verify the full solvency of customer funds on the platform. OKX has published snapshots for 23 consecutive months to date, continuing to lead the industry in adopting the newly upgraded reporting standards.
For more information, visit okx.com
*To be considered a “qualified” customer, users must complete a knowledge test, a suitability assessment, and submit a bank statement or other supporting documentation proving that they have at least AED 500,000 in liquid cash and that these funds remain liquid for a reasonable period of time.
**To be considered an “institutional” client, users must pass additional KYC (Know Your Customer) requirements and demonstrate compliance with the following two conditions: (1) a minimum total balance of $20 million; (2) an annual net turnover of $40 million; and (3) at least $2 million in total equity.
About OKX
OKX is a technology company with a mission to organize the world’s blockchains and make them more accessible and practical. We are committed to creating a future that makes the world more efficient, transparent, and connected. OKX started as a cryptocurrency exchange, providing trading opportunities to millions of people and over time becoming one of the world’s largest trading platforms. In recent years, we have developed the world’s most widely connected on-chain wallet, helping millions of users access decentralized applications. Today, OKX is trusted by hundreds of large institutions to provide 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
VARA was established in March 2022, and officially came into effect under Law No. 4 of 2022. VARA is the lead authority responsible for regulating, supervising and regulating virtual assets (VA) and related activities, covering all areas of Dubai, including special development areas and free zones, but excluding the Dubai International Financial Center (DIFC). VARA plays a central role in developing Dubai's 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, please visit [vara.ae](https://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, have large price fluctuations, and may even 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 provide 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 professionals to understand the issues 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.
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