OKX Launches in Dubai Despite UAE Regulatory Crackdown
OKX Launches in Dubai Amid UAE’s Crypto Regulatory Tightening
In a major step for the UAE’s virtual asset sector, OKX, a global leader in blockchain technology, has launched a licensed cryptocurrency exchange catering to both retail and institutional investors. This launch comes on the heels of the Virtual Assets Regulatory Authority’s (VARA) push to secure Dubai’s virtual asset ecosystem, targeting unlicensed firms that have been operating outside regulatory guidelines.
VARA’s enforcement actions included cease-and-desist orders and fines to seven companies for operating without the necessary licenses and violating marketing rules. These steps underline the authority’s commitment to creating a secure, regulated environment for virtual assets in Dubai, ensuring that investors are protected, and industry standards are maintained.
Gala Event at the Museum of the Future
OKX celebrated its UAE launch with a prestigious event, “A New Alternative for Dubai,” held at the iconic Museum of the Future. The event attracted high-profile attendees, including OKX CEO Star Xu, Manchester City manager Pep Guardiola, and prominent blockchain figures like Polygon co-founder Sandeep Nailwal and SkyBridge Capital’s Anthony Scaramucci. The gathering highlighted the future of blockchain in Dubai and beyond, aligning with the city’s vision to be a global hub for technological innovation.
Rifad Mahasneh, General Manager of OKX Middle East, expressed excitement, saying, “We’re proud to be the first global crypto exchange fully licensed for retail and institutional clients in the UAE. Tonight’s celebration marks the start of a long-term commitment to the region.”
Services and Offerings in the UAE
Residents in the UAE can now access a range of crypto services on OKX’s platform, including spot trading, conversions, express buy and sell options, and earning products through the app and website. The platform boasts the widest selection of cryptocurrencies in the UAE market, offering over 280 coins and 480 trading pairs, such as BTC/AED, ETH/AED, and USDT/AED. Investors can easily deposit and withdraw AED via local bank accounts, enhancing user convenience.
Institutional and qualified investors have access to more advanced trading options like derivatives. However, to qualify, individuals must pass a suitability test and show proof of AED 500,000 in liquid assets. OKX has implemented strict Know Your Customer (KYC) standards to meet the financial requirements of institutional clients.
Commitment to Innovation and Growth
OKX’s UAE launch signifies another milestone in its global expansion, following its recent entries into Brazil, Türkiye, Australia, and the Netherlands. The company has been a pioneer in promoting transparency in the industry, with OKX publishing 23 consecutive monthly Proof of Reserves reports, reinforcing trust and accountability.
The launch event also focused on how blockchain can revolutionize various industries, positioning Dubai at the forefront of this transformation. OKX’s presence aligns with the city's long-term technological vision and the broader UAE market’s growing demand for crypto assets.
Customer Rewards and Support
To celebrate its UAE entry, OKX is offering new users up to 100 AED in rewards for trying the new app. The company also provides customer support in Arabic, catering to local needs and ensuring a seamless user experience. In the near future, OKX plans to list even more tokens tailored for the UAE market.
Looking Ahead
OKX’s entry into the UAE virtual asset market marks a significant step forward, bolstered by VARA’s regulatory efforts to ensure a safe, compliant environment. This collaboration between global crypto firms and local regulators is poised to enhance Dubai’s position as a leading hub for virtual asset innovation and adoption, fostering a secure and vibrant ecosystem for investors.
Also Read: When Did OKX Officially Launch The Vara-Licensed In Dubai
