Sun Oct 13 10:02:28 UTC 2024: ## Crypto Exchange OKX Goes Live in UAE, Targeting Retail and Institutional Clients

**DUBAI** – Crypto exchange OKX has launched its operations in the United Arab Emirates (UAE), offering a dirham (AED)-denominated order book and integration with local bank Zand Bank. The move comes nine months after OKX Middle East Fintech FZE received full regulatory approval from the Virtual Assets Regulatory Authority (VARA).

This launch allows OKX, one of the four largest cryptocurrency exchanges by volume, to provide local residents with direct access to the crypto market without the need for brokers. This eliminates the added costs, time, and friction associated with brokers who buy liquidity from outside the UAE.

Rifad Mahasneh, OKX’s general manager for the Middle East, highlighted the exchange’s dual focus: attracting retail clients and encouraging institutional participation. “We have two targets – to be the retail app of choice and market and to start converting institutions in the UAE to enter the space,” Mahasneh stated.

OKX’s unique offering combines regulated derivatives products, local currency support, and a local banking channel, providing institutional players, who have been hesitant to enter the crypto market, with greater confidence and ease of access.

OKX is the first major exchange to go live with this comprehensive package, including AED banking integration, an AED order book, retail and institutional availability, and regulated derivatives. The exchange offers 280 tokens and 400 trading pairs in the region.

Other major international exchanges, Binance and Crypto.com, also hold full licenses from VARA. Crypto.com has already launched its retail app in the UAE following a partnership with Standard Chartered in August. Binance’s presence in the UAE remains unclear.

OKX’s launch marks a significant step for the cryptocurrency industry in the UAE, demonstrating the growing acceptance and regulation of digital assets in the region. The move is expected to further attract both retail and institutional investors to the burgeoning crypto market in the UAE.

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