OKX has secured its license in the UAE and began operations nine months after receiving a conditional license from VARA.
Leading crypto exchange has stepped into the UAE crypto market, receiving a license to provide virtual asset services to the region’s retail and institutional clients. Simultaneously, the exchange has become the first ever to support dirham exchanging for buying and selling crypto.
A press release issued by the firm read, “UAE residents who complete the required onboarding steps on the OKX App and website can now access a range of services, including spot trading, convert, express buy & sell, and on-chain earning products.”
The release continued to mention that qualified and institutional clients meeting its requirements can indulge in derivatives trading. The criteria for a client to be qualified include making it past a knowledge test, performing a suitability assessment, and proving to hold a sum of 500,000 dirhams ($136,000) that has “remained, and will remain, liquid for a reasonable period of time.”
An institutional customer must pass additional KYC (know your customer) checks and show a balance sheet of $20 million, an annual net turnover hitting $40 million, or possess funds totaling $2 million.
“We’re thrilled to be the first global crypto exchange to launch with a full operating license for retail and institutional clients in the UAE.” Mentioned OKX MENA general manager Rifad Mahasneh. “We’re deeply committed to growing locally and our product development reflects this commitment.”
OKX received this license nine months after it originally received its conditional crypto license from Dubai’s Virtual Asset Regulatory Authority (VARA). However, that license remained non-operational until now, as the exchange fulfills the requirement of the UAE’s regulator.
And with that, users can buy and sell crypto with dirhams via their local bank accounts. “OKX offers the widest selection of cryptocurrencies and trading pairs in the UAE, with over 280 cryptocurrencies and 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED.”
With its entry into the UAE crypto market, the exchange offered 100 dirhams to those signing up on its app, which will boast more assets than those presently listed. It also comes with Arabic language support, making it much easier for the region’s citizens to use.
OKX Appoints Global Chief Risk Officer
Beyond obtaining the license, OKX announced the appointment of a global chief risk officer, Yuri Mushkin, who “brings over two decades of capital markets and risk management experience across traditional and digital assets, serving in executive roles at multinational companies such as Goldman Sachs and McKinsey & Co.” Last month, it announced Gracie Lin, former Monetary Authority of Singapore (MAS) official, as the CEO of its Singapore venture.
