OKX, a global onchain technology company, announced it is operationally live and licensed in the UAE. With the announcement, the firm is now the first global crypto company in UAE to offer AED banking rails for its retail and institutional customers.
OKX Middle East General Manager Rifad Mahasneh made the announcement at the company’s gala event at the Museum of the Future, entitled: A New Alternative for Dubai. The event also featured OKX CEO Star Xu, OKX CMO Haider Rafique, Manchester City men’s first team manager Pep Guardiola, founder and managing partner of Skybridge Capital Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal and Co-creator of Stacks Muneeb Ali, as guest speakers and panelists.
UAE residents who complete the required onboarding steps on the OKX App and website can now access a range of services, including spot trading, convert, express buy & sell, and on-chain earning products. Additionally, qualified* and institutional** investors who meet specific criteria will have access to derivatives trading.
Virtual asset investors in the UAE can now deposit and withdraw AED directly to and from the OKX platform via local bank accounts. OKX offers the widest selection of cryptocurrencies and trading pairs in the UAE, with over 280 cryptocurrencies and 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED.
The OKX gala event brought together distinguished leaders and innovators from across industries to explore how various industries will transform the future with the help of blockchain technology. Dubai was selected to host the event because of its position at the forefront of this technological revolution, and in line with its 2033 vision.
OKX MENA General Manager Rifad Mahasneh said: “We’re thrilled to be the first global crypto exchange to launch with a full operating license for retail and institutional clients in the UAE. We’ve brought leaders and visionaries from diverse backgrounds to tonight’s event to discuss the bright future of this space in the country and region and its impact on business sectors. We’re deeply committed to growing locally and our product development reflects this commitment. Tonight’s celebration is just the beginning of a long-term journey.”
UAE residents can visit the OKX website or download the OKX app via the App Store or Google Play and complete the verification process in order to start trading.
To celebrate the launch, OKX announced a new reward of up to 100 AED for new customers to try the new app. More tokens will be listed for UAE customers in the near future, and customers are invited to check here for the latest list of tokens offered. Arabic language customer support is offered on the OKX website and app.
This gala event and launch in the UAE is another important milestone in OKX’s commitment to building locally. The company recently launched its exchange in Brazil in late 2023, followed by market entries in Türkiye, Australia and the Netherlands in 1H 2024.
In line with its commitment to security and risk management, OKX also announced at the event the appointment of Yuri Mushkin as Global Chief Risk Officer. Mushkin brings over two decades of capital markets and risk management experience across traditional and digital assets, serving in executive roles at multinational companies such as Goldman Sachs and McKinsey & Co.
Last month, OKX SG announced that it received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In July, OKX designated Malta as its Markets in Crypto-Assets (MiCA) hub, which will allow the exchange to offer products and services to over 450 million EU residents in the coming months.
OKX was among the first in the crypto industry to publish monthly Proof of Reserves in late 2022 to validate the full backing of customer funds held on the platform. With 23 consecutive monthly snapshots published, OKX continues to drive the industry’s adoption of new and improved reporting standards.
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