- Qualified and institutional investors in the UAE can access derivatives trading
- UAE residents can deposit and withdraw AED from all UAE bank accounts and trade more than 280 cryptocurrencies and 480 trading pairs on OKX
- OKX Founder and CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City men’s first team manager Pep Guardiola, founder and managing partner of Skybridge Capital Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal and Co-creator of Stacks Muneeb Ali were featured as speakers and panelists
DUBAI, UAE, Oct. 10, 2024 /PRNewswire/ — OKX, a global onchain technology company, today announced it is operationally live and licensed in the UAE. With the announcement, the firm is now the first global crypto company in UAE to offer AED banking rails for its retail and institutional customers.
OKX Middle East General Manager Rifad Mahasneh made the announcement at the company’s gala event at the Museum of the Future, entitled: A New Alternative for Dubai. The event also featured OKX CEO Star Xu, OKX CMO Haider Rafique, Manchester City men’s first team manager Pep Guardiola, founder and managing partner of Skybridge Capital Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal and Co-creator of Stacks Muneeb Ali, as guest speakers and panelists.
UAE residents who complete the required onboarding steps on the OKX App and website can now access a range of services, including spot trading, convert, express buy & sell, and on-chain earning products. Additionally, qualified* and institutional** investors who meet specific criteria will have access to derivatives trading.
Virtual asset investors in the UAE can now deposit and withdraw AED directly to and from the OKX platform via local bank accounts. OKX offers the widest selection of cryptocurrencies and trading pairs in the UAE, with over 280 cryptocurrencies and 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED.
The OKX gala event brought together distinguished leaders and innovators from across industries to explore how various industries will transform the future with the help of blockchain technology. Dubai was selected to host the event because of its position at the forefront of this technological revolution, and in line with its 2033 vision.
OKX MENA General Manager Rifad Mahasneh said: “We’re thrilled to be the first global crypto exchange to launch with a full operating license for retail and institutional clients in the UAE. We’ve brought leaders and visionaries from diverse backgrounds to tonight’s event to discuss the bright future of this space in the country and region and its impact on business sectors. We’re deeply committed to growing locally and our product development reflects this commitment. Tonight’s celebration is just the beginning of a long-term journey.”
UAE residents can visit the OKX website or download the OKX app via the App Store or Google Play and complete the verification process in order to start trading.
To celebrate the launch, OKX announced a new reward of up to 100 AED for new customers to try the new app. More tokens will be listed for UAE customers in the near future, and customers are invited to check here for the latest list of tokens offered. Arabic language customer support is offered on the OKX website and app.
This gala event and launch in the UAE is another important milestone in OKX’s commitment to building locally. The company recently launched its exchange in Brazil in late 2023, followed by market entries in Türkiye, Australia and the Netherlands in 1H 2024.
In line with its commitment to security and risk management, OKX also announced at the event the appointment of Yuri Mushkin as Global Chief Risk Officer. Mushkin brings over two decades of capital markets and risk management experience across traditional and digital assets, serving in executive roles at multinational companies such as Goldman Sachs and McKinsey & Co.
Last month, OKX SG announced that it received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In July, OKX designated Malta as its Markets in Crypto-Assets (MiCA) hub, which will allow the exchange to offer products and services to over 450 million EU residents in the coming months.
OKX was among the first in the crypto industry to publish monthly Proof of Reserves in late 2022 to validate the full backing of customer funds held on the platform. With 23 consecutive monthly snapshots published, OKX continues to drive the industry’s adoption of new and improved reporting standards.
Learn more at okx.com
*To be considered ‘qualified,’ customers must complete a knowledge test, a suitability assessment and submit a bank statement or supporting document that proves they have AED 500,000 in cash that has “remained, and will remain, liquid for a reasonable period of time.”
**To be considered ‘institutional,’ customers must pass additional KYC requirements and show and demonstrate two of: (1) a minimum balance sheet total of USD20 million; (2) annual net turnover reaching USD40 million; and (3) own funds totaling at least USD2 million
For further information, please contact:
Media@okx.com
About OKX
OKX is a technology company with a mission to organize the world’s blockchains and make them more accessible and useful. We want to create a future that makes our world more efficient, transparent and connected. OKX began as a crypto exchange giving millions of people access to trading and over time became among the largest platforms in the world. In recent years, we have developed one of the most connected onchain wallets used by millions to access decentralized crypto applications (dApps). Today, OKX is trusted by hundreds of large institutions seeking access to crypto markets on a reliable platform that seamlessly connects with global banking and payments. Our most well-known products include: OKX Exchange, OKX Wallet, OKX Explorer, OKX OS, OKX Ventures and OKX Institutional. To learn more about OKX, download our app or visit: okx.com
About VARA
Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.
For more information visit: vara.ae.
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your 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 professional for questions about your specific circumstances. OKX Middle East Fintech FZE is licensed by the Virtual Assets Regulatory Authority (VARA) to provide VA Exchange Services, VA Management and Investment Services, and VA Lending and Borrowing Services. OKX Middle East Fintech FZE operates under VASP Reference: VL/23/12/003.
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