Original source: OKX

· 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 more than 280 cryptocurrencies and 480 exchanges 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 on-chain 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 made the announcement at the company’s grand event themed “Dubai’s New Choice” 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 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, etc.

The OKX event brought together prominent leaders and innovators from across industries to discuss how blockchain technology can drive future change across industries. Dubai was chosen as the venue for the event as it is at the forefront of this technological revolution and is aligned with its 2033 Vision.

"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 we have invited leaders and visionaries from across the spectrum to discuss the bright future of this space in the country and its impact on the business industry. We are deeply committed to local development and our product development 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 announced a reward of up to 100 AED for new users to try out the new application. In the future, OKX will list more tokens for UAE users, and users can visit the platform to view the latest list of tokens. In addition, the OKX website and application also provide Arabic user support.

This event and the launch of the UAE exchange is another important milestone in OKX's commitment to local development. OKX will first launch an exchange in Brazil at the end of 2023, and will subsequently enter 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 over two decades of experience in capital markets and risk management, covering both traditional and digital assets, and has held senior management 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, which will see the platform provide 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 starting in 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.

*To be considered an “Eligible” customer, users must complete a knowledge test, suitability assessment, and submit bank statements or other documentation demonstrating 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” customer, users must pass additional KYC (Know Your Customer) requirements and demonstrate compliance with both of the following conditions: (1) a minimum total balance sheet of USD 20 million; (2) an annual net turnover of USD 40 million; and (3) a total equity capital of at least USD 2 million.

About OKX  

OKX is a technology company with a mission to organize the world’s blockchain and make it more accessible and practical. We are committed to creating a future where the world is more efficient, transparent, and connected. OKX started as a cryptocurrency exchange, providing trading opportunities to millions of people and over time became one of the largest trading platforms in the world. 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 managing 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).

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