New Choice: OKX Announces Becoming the First Cryptocurrency Exchange Platform to Receive Full Operating License in the UAE
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New Choice: OKX Announces Becoming the First Cryptocurrency Exchange Platform to Receive Full Operating License in the UAE
Global blockchain technology company OKX today announced its official launch and receipt of an operating license in the UAE. This makes OKX the first global cryptocurrency company to offer AED banking services to retail and institutional clients in the UAE.
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Eligible retail and institutional users in the UAE can participate in derivatives trading
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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
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OKX founder and CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City FC head coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali attended the event as speakers and panelists.
On October 10, 2024, global on-chain technology company OKX announced its official launch in the UAE with an operational license. This makes OKX the first global cryptocurrency company to offer AED banking services to both retail and institutional customers in the UAE.
The announcement was made by OKX Middle East General Manager Rifad Mahasneh during a grand event titled "Dubai's New Choice," hosted at the Museum of the Future. The event featured guest speakers and panelists including OKX CEO Star Xu, Chief Marketing Officer Haider Rafique, Manchester City FC head coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali.
After completing the required login procedures on the OKX app or website, UAE residents now have access to a range of services including spot trading, conversion, quick buy/sell, and on-chain yield products. Additionally, qualified users and institutions meeting specific criteria will be able to engage in derivatives trading.
Virtual asset users in the UAE can now directly deposit and withdraw AED on the OKX platform via local bank accounts. OKX offers a wide selection of cryptocurrencies and trading pairs in the UAE, covering more than 280 cryptocurrencies and over 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED.
The OKX event brought together outstanding leaders and innovators from various industries to discuss how blockchain technology can drive future transformation across sectors. Dubai was chosen as the host city due to its position at the forefront of this technological revolution and alignment with its 2033 vision.
"We are proud to be the first global crypto exchange to receive a full operating license serving both retail and institutional clients in the UAE. Tonight’s event brings together leaders and visionaries from diverse fields to explore the bright future of this industry in the country and region, and its impact on business. We are deeply committed to localization, and our product development reflects this commitment. Tonight’s celebration is just the beginning of a long-term journey," said Rifad Mahasneh, OKX General Manager for the Middle East and North Africa (MENA) region.
UAE residents can visit the OKX website or download the OKX app from the App Store or Google Play, complete the verification process, and begin trading.
To celebrate the launch, OKX is offering new users rewards of up to 100 AED to encourage them to try the new app. In the future, OKX will list additional tokens for UAE users, who can check the latest token listings on the platform here. Additionally, Arabic-language customer support is available on the OKX website and app.
This event and the launch of the UAE exchange mark another key milestone in OKX’s commitment to localized growth. After launching its exchange in Brazil at the end of 2023, OKX expanded into Turkey, Australia, and the Netherlands in the first half of 2024.
Demonstrating its commitment to security and risk management, OKX also appointed Yuri Mushkin as Global Chief Risk Officer during the event. With over two decades of experience in capital markets and risk management across both traditional and digital assets, Mushkin has held executive roles at multinational firms including Goldman Sachs and McKinsey & Co.
Last month, OKX SG announced it received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In July, OKX designated Malta as its hub under the Markets in Crypto-Assets (MiCA) regulation, through which the platform will serve over 450 million EU residents with products and services in the coming months.
OKX is one of the first companies in the crypto industry to publish monthly Proof of Reserves reports. These reports, published since the end of 2022, verify the full backing of customer funds on the platform. To date, OKX has published 23 consecutive monthly snapshots, continuing to lead the industry in adopting upgraded reporting standards.
For more information, visit okx.com
*To qualify as an “eligible” client, users must complete a knowledge test, suitability assessment, and submit a bank statement or other documentation proving they hold at least 500,000 AED in liquid cash that remains accessible over a reasonable period.
**To qualify as an “institutional” client, users must pass additional KYC (Know Your Customer) requirements and demonstrate compliance with two of the following three conditions: (1) minimum total assets and liabilities of $20 million; (2) annual net turnover of $40 million; (3) own funds totaling at least $2 million.
About OKX
OKX is a technology company dedicated to organizing global blockchains to make them more accessible, user-friendly, and practical. We strive to create a future where the world is more efficient, transparent, and interconnected. Originally starting as a cryptocurrency exchange providing trading opportunities to millions, OKX has grown into one of the largest trading platforms globally. In recent years, we’ve developed the most widely connected on-chain wallet, helping millions of users access decentralized applications. Today, OKX is trusted by hundreds of major institutions, offering them a reliable gateway into the crypto market while seamlessly integrating with global banking and payment systems. Our flagship products include OKX Exchange, OKX Web3 Wallet, OKX Browser, OKX OS, OKX Ventures, and OKX Institutional Services. Learn more about OKX by downloading our app or visiting: okx.com
About VARA
Established in March 2022 under Law No. 4 of 2022, VARA is the primary authority responsible for regulating, supervising, and overseeing virtual assets (VA) and related activities across all areas of Dubai, including special development zones and free zones, excluding the Dubai International Financial Centre (DIFC). VARA plays a central role in shaping Dubai’s advanced legal framework, protecting investors, establishing international governance standards for the virtual asset industry, and supporting the vision of a borderless economy. For more information, visit [vara.ae](https://vara.ae).
Disclaimer
This announcement is for informational purposes only and does not constitute 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, subject to significant price volatility, and may 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, and you are solely responsible for your investment decisions. OKX assumes no liability 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 regarding questions specific to your circumstances. OKX Middle East Fintech FZE is licensed by the Virtual Assets 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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