OKX Receives Full License in UAE

Crypto exchange OKX has launched in the UAE offering an order book in the local currency, dirham (AED), and integration with a local bank.

It aims both retail and institutional clients, with the goal of being the preferred app and market for trading in the region.

After receiving regulatory approval from the Virtual Assets Regulatory Authority (VARA) nine months ago, OKX is now able to provide UAE residents with a direct market access without the need for a third-party broker, which usually incurs higher costs and delays.

The exchange’s general manager for the Middle East, Rifad Mahasneh, stated that their main targets are to become the go-to platform for retail traders and to draw in traditional institutions to enter the crypto market.

By offering access to a regulated derivatives product, local currency order book, and a local banking channel, OKX aims to provide comfort and assurance to global institutions that have been hesitant to participate in the crypto space.