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OKX Crypto Exchange Announces AED-Denominated Trading Service in the UAE with Full Regulatory Approval

Significant milestone for OKX, the UAE’s first major exchange to offer regulated derivatives, has been granted permission to operate in the region for almost 24 months, following a rigorous compliance process.

OKX has successfully met VARA’s rigorous standards, making it one of the first exchanges in the region to offer a full range of cryptocurrency services. With this launch, users can access 280 tokens and 400 trading pairs, which is an impressive amount considering the restrictions being enforced in certain jurisdictions.

However, only eligible traders and institutional investors are allowed to participate in derivative trading. A knowledge test and suitability assessment are necessary for users to engage in derivative trading. Institutional investors must meet strict Know Your Customer (KYC) requirements, including a minimum balance sheet of $20 million, an annual net turnover of $40 million or total own funds of at least $2 million. In addition, traders who are eligible must have a balance of at least 500,000 dirhams in their account.

This is not an uncommon outcome for OKX, given the current state of cryptocurrency markets in the UAE. In recent times, the UAE has been promoting its involvement in cryptocurrency and blockchain development, with VARA being established to provide a regulatory framework for exchanges to operate. Learn more about the UAE’s cryptocurrency regulations.

Binance and Crypto.com are among the other major players who have received full licenses from VERA. The UAE users can update their KYC information by updating Binance’s offering of over 300 crypto tokens and AED services.

OKX is playing a significant role in the mainstream adoption of cryptocurrency as an asset class, and its secure and regulated platform will help to further promote this emerging market. By ensuring user safety and compliance with regulatory regulations, OKX’s trading service in the UAE is a clear indication of its dedication to providing high-quality services for users.

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