Crypto exchange OKX has launched its trading platform for retail and institutional investors in the United Arab Emirates after obtaining a full license.
In a statement sent to Cointelegraph, the exchange mentioned that UAE residents who have completed the necessary onboarding process on the OKX website or app can now access its services. This includes spot trading, express buy and sell, conversion, and on-chain earning products.
Qualified and institutional investors gain access to derivatives trading
Furthermore, the platform stated that eligible traders and institutional investors who meet specific criteria will be able to engage in derivatives trading on the platform.
According to OKX, customers must pass a knowledge assessment and suitability test to qualify for derivatives trading. They are also required to provide documentation proving they have 500,000 dirhams (approximately $136,000) in cash available for a period of time, which the exchange did not specify.
OKX also mentioned that in order to be considered institutional clients, customers must adhere to its Know-Your-Customer conditions and meet at least two out of three liquidity requirements: a $20 million minimum balance sheet, $40 million annual net turnover, or own funds totaling at least $2 million.
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This announcement comes nearly nine months after the exchange obtained a conditional crypto license from Dubai’s Virtual Assets Regulatory Authority (VARA). However, the license remained inactive until OKX met the requirements set by the UAE regulator.
Rifad Mahasneh, OKX’s general manager for the Middle East and North Africa (MENA) region, expressed optimism about the potential for growth in the UAE. Mahasneh stated that the regulatory environment in the jurisdiction is conducive for planning and investing in the future.
“We are highly optimistic about the UAE being a crypto hub and anticipate significant growth in the sector in the coming years,” Mahasneh remarked.
OKX now supports AED deposits and withdrawals for residents
The exchange also highlighted that UAE crypto investors can deposit or withdraw fiat dirhams from OKX using local bank accounts. Users also have the ability to trade their UAE dirhams (AED) with various cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Tether (USDT). Mahasneh explained:
“Our platform is specifically tailored for the UAE market, offering features like Arabic language integration, Arabic-language customer support, and UAE dirham trading pairs, to make it easy for users to deposit, withdraw, and trade their favorite cryptocurrencies.”
In addition to OKX, the crypto exchange M2 announced the integration of dirhams into its trading platform. On July 31, the exchange revealed that users can directly convert their BTC and ETH into dirhams on the platform, allowing traders to quickly adjust to market fluctuations.
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