OKX Expands To UAE With Offerings For Institutional and Retail Investors

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As a seasoned analyst with a decade of experience navigating the dynamic world of cryptocurrencies, I must say that OKX’s latest move into the UAE market is a strategic masterstroke. The exchange’s decision to acquire a full operating license and offer its comprehensive suite of services, including derivatives trading for qualified investors, shows a deep understanding of the region’s potential and its regulatory environment.

In simpler terms, OKX has made its trading platform available to both individual and large-scale investors in the United Arab Emirates following the acquisition of a complete operational license.

In their declaration, it was stated that UAE residents who have gone through the required registration process on their website or mobile application are eligible to use OKX’s services. This encompasses functions such as spot trading, quick buy and sell options, currency exchanges, and earnings from On-chain products.

OKX Offers Derivatives Trading to Qualified UAE Investors

In simpler terms, one of the world’s biggest cryptocurrency trading platforms, OKX, announced the debut of a user-friendly platform tailored for both institutional and individual investors based in the United Arab Emirates, leveraging the current bullish market trend.

The president, Hong Fang, expressed his belief that stablecoins could play a crucial role in addressing existing financial shortcomings within the Emirates.

On OKX, derivatives trading is now an option, but only for experienced individual traders and institutional investors who fulfill certain conditions.

In order to be eligible, customers must successfully complete both a knowledge exam and a suitability evaluation. Additionally, they should prepare to submit proof of approximately $136,000 in liquid assets for a reasonable duration.

For customers to be classified as institutional clients by OKX, they must first meet the Know-Your-Customer (KYC) guidelines. To qualify, these clients should be able to demonstrate compliance with at least two out of the following three liquidity criteria:

Moreover, the Dubai Virtual Assets Regulatory Authority (VARA) has taken firm action against seven businesses in the city’s cryptocurrency industry. This move follows breaches of fresh licensing and promotional rules that have recently been established. These regulatory actions are a result of Dubai’s ongoing efforts to strengthen its framework, promoting transparency and adherence to regulations within its crypto market.

In a recent statement, Rifad Mahasneh, Head of OKX GM for the MENA region, highlighted the significant potential he sees in the United Arab Emirates. He emphasized that the region’s regulatory environment is highly favorable for conducting business, as it allows for strategic planning and investment with confidence.

He commented:

We’re extremely positive about the UAE becoming a significant center for cryptocurrency and anticipate substantial expansion in this field over the next few years.

OKX Adds Fiat Support for UAE Dirham

Additionally, OKX has made it convenient for investors in the United Arab Emirates to effortlessly transfer fiat dirhams to or from their accounts using a local bank, facilitating both deposits and withdrawals. This opens up the opportunity for users to exchange their UAE dirhams for digital currencies like Bitcoin, Ethereum, and Tether within the platform.

More recently, the exchange based in Seychelles chose to broaden its investment offerings and increase its trading possibilities. On October 3, 2024, they added the Ethereum-Bitcoin pair to their Dual Investment product, as well as listing the cryptocurrencies MOODENG, NEIRO, PYUSD, and EIGEN for trading.

According to Rifad Mahasneh:

Our service has been tailored to suit the UAE market. Key features include native Arabic language usage, customer support in Arabic, and options for trading pairs involving the UAE dirham. Users can seamlessly deposit, withdraw, and trade their preferred cryptocurrencies in a user-friendly environment.

Adding Fiat Support for UAE Dirham

Additionally, similar to OKX, the crypto exchange M2 introduced the UAE Dirham as a trading option on its platform. On July 31st, M2 publicly declared that their platform users could now directly exchange Bitcoin (BTC) and Ethereum (ETH) for dirhams.

In a previous announcement, they explained that this feature allows traders to swiftly adjust to market changes.

 

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2024-10-10 20:24