Crypto exchange OKX has launched its trading platform for retail and institutional investors in the United Arab Emirates. This follows the company’s acquisition of a full operating license from the UAE's Virtual Assets Regulatory Authority.
OKX Offers Derivatives Trading Access
UAE residents can now access various services on the OKX platform after completing the required onboarding steps on its website or application. Services available include spot trading, express buy and sell, conversion, and on-chain earning products.
Qualified traders and institutional investors may access derivatives trading, provided they meet specific criteria.
To qualify for derivatives trading, customers must pass a knowledge test and a suitability assessment. They are also required to submit documentation proving they have liquid assets of at least 500,000 dirhams, approximately $136,000.
Rifad Mahasneh, OKX’s General Manager for the Middle East and North Africa (MENA) region, stated that the company recognizes significant potential in the UAE. He noted that the regulatory environment in the jurisdiction facilitates business operations, enabling planning and investment for the future.
“We are extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years,” Mahasneh said.
Meanwhile, OKX has expanded its operations in Singapore by obtaining a Major Payment Institution license, as reported by Finance Magnates. The exchange appointed Gracie Lin, a former regulator, as the CEO of its Singapore unit. The MPI license was granted six months after receiving in-principle approval.
KYC Policies for Institutions
For institutional clients, acceptance of OKX'sKnow-Your-Customer (KYC) policies is mandatory, along with meeting two out of three liquidity criteria: a minimum balance sheet of $20 million, an annual net turnover of $40 million, or total funds of at least $2 million.
The launch comes nearly nine months after OKX received a conditional license from VARA. The license was non-operational until OKX met all regulatory requirements. The platform allows UAE crypto investors to deposit and withdraw fiat dirhams through local banks and trade AED against various cryptocurrencies.
This article was written by Tareq Sikder at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments