UAE residents can use OKX for spot and express trading, qualified traders can access derivatives.
The firm has recently obtained an MPI license in Singapore to offer cross-border transfer services.
The skyline of Dubai
Crypto exchange OKX has launched its trading platform for
retail and institutional investors in the United Arab Emirates. This follows
the company’s acquisition of a full operating license from the UAE's Virtual
Assets Regulatory Authority.
OKX Offers Derivatives Trading Access
Rifad Mahasneh, OKX’s General Manager for MENA, Source: PRNewswire
UAE residents can now access various services on the OKX
platform after completing the required onboarding steps on its website or
application. Services available include spot trading, express buy and sell,
conversion, and on-chain earning products.
Qualified traders and institutional
investors may access derivatives trading, provided they meet specific criteria.
To qualify for derivatives trading, customers must pass a
knowledge test and a suitability assessment. They are also required to submit
documentation proving they have liquid assets of at least 500,000 dirhams,
approximately $136,000.
Rifad Mahasneh, OKX’s General Manager for the Middle East
and North Africa (MENA) region, stated that the company recognizes significant
potential in the UAE. He noted that the regulatory environment in the
jurisdiction facilitates business operations, enabling planning and investment
for the future.
“We are extremely bullish on the UAE as a crypto hub and
only see the sector growing in the next few years,” Mahasneh said.
Meanwhile, OKX
has expanded its operations in Singapore by obtaining a Major Payment
Institution license, as reported by Finance
Magnates. The exchange appointed Gracie Lin, a former regulator, as the CEO
of its Singapore unit. The MPI license was granted six months after receiving
in-principle approval.
KYC Policies for Institutions
For institutional clients, acceptance of OKX's
Know-Your-Customer (KYC) policies is mandatory, along with meeting two out of
three liquidity criteria: a minimum balance sheet of $20 million, an annual net
turnover of $40 million, or total funds of at least $2 million.
The launch comes nearly nine months after OKX received a
conditional license from VARA. The license was non-operational until OKX met
all regulatory requirements. The platform allows UAE crypto investors to
deposit and withdraw fiat dirhams through local banks and trade AED against
various cryptocurrencies.
Crypto exchange OKX has launched its trading platform for
retail and institutional investors in the United Arab Emirates. This follows
the company’s acquisition of a full operating license from the UAE's Virtual
Assets Regulatory Authority.
OKX Offers Derivatives Trading Access
Rifad Mahasneh, OKX’s General Manager for MENA, Source: PRNewswire
UAE residents can now access various services on the OKX
platform after completing the required onboarding steps on its website or
application. Services available include spot trading, express buy and sell,
conversion, and on-chain earning products.
Qualified traders and institutional
investors may access derivatives trading, provided they meet specific criteria.
To qualify for derivatives trading, customers must pass a
knowledge test and a suitability assessment. They are also required to submit
documentation proving they have liquid assets of at least 500,000 dirhams,
approximately $136,000.
Rifad Mahasneh, OKX’s General Manager for the Middle East
and North Africa (MENA) region, stated that the company recognizes significant
potential in the UAE. He noted that the regulatory environment in the
jurisdiction facilitates business operations, enabling planning and investment
for the future.
“We are extremely bullish on the UAE as a crypto hub and
only see the sector growing in the next few years,” Mahasneh said.
Meanwhile, OKX
has expanded its operations in Singapore by obtaining a Major Payment
Institution license, as reported by Finance
Magnates. The exchange appointed Gracie Lin, a former regulator, as the CEO
of its Singapore unit. The MPI license was granted six months after receiving
in-principle approval.
KYC Policies for Institutions
For institutional clients, acceptance of OKX's
Know-Your-Customer (KYC) policies is mandatory, along with meeting two out of
three liquidity criteria: a minimum balance sheet of $20 million, an annual net
turnover of $40 million, or total funds of at least $2 million.
The launch comes nearly nine months after OKX received a
conditional license from VARA. The license was non-operational until OKX met
all regulatory requirements. The platform allows UAE crypto investors to
deposit and withdraw fiat dirhams through local banks and trade AED against
various cryptocurrencies.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
WhiteBIT secures brokerage license in Georgia to launch regulated crypto derivatives
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Connect with us:
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