OKX Expands To UAE With Offerings For Institutional and Retail Investors
OKX announced that it officially launched its trading platform in the United Arab Emirates to all retail and institutional investors after acquiring a full operating license.
In the statement, the exchange declared that UAE residents who had completed the necessary onboarding process on its website or app could access OKX’s service offerings. These include Spot trading, express buying and selling, conversions, and On-chain earning products.
OKX Offers Derivatives Trading to Qualified UAE Investors
OKX, one of the world’s largest cryptocurrency exchanges by trading volume, reported the launch of an institution-friendly trading platform for institutional and retail investors in the United Arab Emirates, cashing in on the uptrend market momentum.
Its president, Hong Fang, stated his optimism about stablecoins being vital for completing the critical financial gaps in Emirates.
OKX added that derivatives trading would be available on the exchange for qualified professional traders and institutional investors. It added though, that such traders must meet specific requirements.
To qualify, customers must pass a knowledge test and a suitability assessment. They also need to provide documentation of at around $136,000, in cash for some “reasonable” time.
The customers would need to pass OKX’s Know-Your-Customer requirements to be regarded as institutional clients and be able to prove at least two out of three liquidity criteria: a balance sheet of at least $20 million, an annual net turnover of $40 million, or own funds of at least $2 million.
Also, recently, against seven entities operating in Dubai’s cryptocurrency space, the city’s Virtual Assets Regulatory Authority-also known as VARA-has enforced stringent measures. This came after violations of newly implemented licensing and marketing regulations. These enforcement actions come after Dubai’s efforts to tighten its regulatory framework to ensure transparency and compliance in its crypto sector.
OKX GM for the MENA region, Rifad Mahasneh, has stated that the company sees immense opportunity in the UAE and pointed out that its regulatory environment is very conducive to operating a business as one can plan and invest effectively.
He commented:
“We are very optimistic about the UAE as a crypto hub and expect serious growth in the sector during the coming years.”
OKX Adds Fiat Support for UAE Dirham
OKX also announced that investors in UAE cryptocurrency could withdraw or deposit fiat dirhams without any hassle via a local bank account. The users will be allowed to trade their UAE dirhams for cryptocurrencies such as Bitcoin, Ether, and Tether.
Recently, this Seychelles-based exchange decided to enhance its investment product lineup and expand its trading options. On October 3, 2024, the company introduced the ETH/BTC pair to its Dual Investment product, alongside listing MOODENG, NEIRO, PYUSD, and EIGEN cryptocurrencies.
According to Rifad Mahasneh:
“Our platform is designed specifically for the UAE market. Its main characteristics are the inclusion of the Arabic language, support in Arabic, and trading pairs with UAE dirham. Customers can deposit, withdraw, and trade their favorite cryptocurrencies easily and in the simplest manner.”
Adding Fiat Support for UAE Dirham
Also, apart from OKX, another crypto exchange, M2, implemented dirhams on its platform. In an announcement on July 31st, M2 stated that users of its platform were able to convert their BTC and ETH into dirhams directly.
The exchange said in an earlier statement that this function enables traders to adapt to fluctuations on the market in such a short time.
The post OKX Expands To UAE With Offerings For Institutional and Retail Investors appeared first on CoinGape.
