OKX announces that it has become the first cryptocurrency trading platform to obtain a full operating license in the UAE

• Qualified users and institutions in the UAE can participate in derivatives trading.
• UAE residents can access UAE Dirhams (AED) from all UAE bank accounts and trade over 280 cryptocurrencies and 480 trading pairs on the OKX platform.
• OKX founder and CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City first team head coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali attended the event as speakers and panel discussion members.

On October 10, 2024, global on-chain technology company OKX announced that it has officially launched in the UAE and obtained an operating license. This means that OKX becomes the first global cryptocurrency company to provide AED banking services for retail and institutional clients in the UAE.

Rifad Mahasneh, General Manager of OKX Middle East, announced this news at a grand event themed "A New Choice in Dubai" held at the Museum of the Future. The event also invited OKX CEO Star Xu, Chief Marketing Officer Haider Rafique, Manchester City first team head coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali as guest speakers and panel discussion members.

After completing the required login steps on the OKX app and website, UAE residents can now access a range of services, including spot trading, exchanges, quick buy and sell, and on-chain yield products. Additionally, qualified users and institutions meeting specific criteria will be able to engage in derivatives trading.

Virtual asset users in the UAE can now deposit and withdraw AED directly on the OKX platform through local bank accounts. OKX offers a wide range of cryptocurrency and trading pair options in the UAE, covering over 280 cryptocurrencies and more than 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED, among others.

The OKX event brought together outstanding leaders and innovators from various industries to discuss how to leverage blockchain technology to drive future transformations across sectors. Dubai was chosen as the event's location because it is at the forefront of this technological revolution and aligns with its 2033 vision.

Rifad Mahasneh, General Manager of OKX Middle East and North Africa (MENA), stated: "We are excited to be the first global cryptocurrency exchange to obtain a full operating license for retail and institutional clients in the UAE. Tonight's event brought together leaders and visionaries from various fields to discuss the bright future of this sector in this country and region and its impact on the business industry. We are firmly committed to localized development, and our product development reflects this commitment. Tonight's celebration is just the beginning of our long journey."

UAE residents can visit the OKX website or download the OKX app from the App Store or Google Play to start trading after completing the verification process.

To celebrate this launch, OKX announced a reward of up to 100 AED for new users to encourage them to experience the new app. In the future, OKX will launch more tokens for UAE users, who can visit the platform to check the latest token listings. Additionally, the OKX website and app provide Arabic user support.

This event and the launch of the exchange in the UAE mark another significant milestone in OKX's commitment to localized development. OKX launched its exchange in Brazil at the end of 2023, followed by entries into Turkey, Australia, and the Netherlands in the first half of 2024.

To reinforce its commitment to security and risk management, OKX also appointed Yuri Mushkin as the Global Chief Risk Officer during the event. Mushkin has over twenty years of experience in capital markets and risk management, covering both traditional and digital asset sectors, having held executive positions at multinational companies such as Goldman Sachs and McKinsey & Co.

Last month, OKX SG announced that it had obtained a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS). In July of this year, OKX designated Malta as its Crypto Asset Market (MiCA) hub, which will provide products and services to over 450 million EU residents in the coming months.

OKX is one of the first companies in the crypto industry to publish monthly proof of reserves. This report has been published since the end of 2022 to verify the full solvency of customer funds on the platform. To date, OKX has released snapshots for 23 consecutive months, continuing to lead the industry in adopting upgraded reporting standards.

For more information, please visit okx.com

* To be considered a "qualified" client, users must complete a knowledge test, a suitability assessment, and submit bank statements or other documentation proving they have at least 500,000 AED in liquid cash, and that these funds remain liquid for a reasonable period.

** To be considered an "institutional" client, users must meet additional KYC (Know Your Customer) requirements and demonstrate compliance with the following two conditions: (1) a minimum total assets and liabilities of 20 million USD; (2) an annual net revenue of 40 million USD; (3) total own funds of at least 2 million USD.

About OKX

OKX is a technology company on a mission to organize the global blockchain ecosystem to make it more accessible and practical. We are committed to creating a future that is more efficient, transparent, and interconnected. OKX originally started as a cryptocurrency exchange, providing trading opportunities for millions and has since evolved into one of the largest trading platforms globally. In recent years, we have developed the world's most widely connected on-chain wallet, helping millions of users access decentralized applications. Today, OKX is trusted by hundreds of large institutions, providing them with a reliable platform to enter the crypto market and seamlessly connect to global banking and payment systems. Our well-known products include: OKX Exchange, OKX Web3 Wallet, OKX Browser, OKX OS, OKX Ventures, and OKX Institutional Services. For more information about OKX, please download our app or visit: okx.com

About VARA

VARA was established in March 2022 and officially came into effect under Law No. 4 of 2022. VARA is the primary authority responsible for regulating, supervising, and managing virtual assets (VA) and their related activities, covering all areas of Dubai, including special development zones and free zones, but excluding the Dubai International Financial Centre (DIFC). VARA plays a central role in establishing Dubai's advanced legal framework, protecting investors, and setting international standards for governance in the virtual asset industry while supporting the vision of a borderless economy. For more information, please visit [vara.ae](https://vara.ae).

Disclaimer

This announcement is for informational purposes only and does not constitute any investment, tax, or legal advice, nor should it be construed as an offer to buy, sell, hold, or provide any services related to digital assets. Digital assets (including stablecoins) carry a high level of risk, are subject to price volatility, and may even become worthless. You should carefully consider your financial situation and risk tolerance to determine whether trading or holding digital assets is suitable for you. OKX does not provide investment or asset recommendations, and you are responsible for your investment decisions; OKX is not liable for any potential losses. Past performance does not guarantee future results. Not all products are available in all regions. Please consult your legal/tax/investment professionals regarding your specific circumstances. OKX Middle East Fintech FZE is licensed by the Virtual Assets Regulatory Authority (VARA) to provide virtual asset trading services, virtual asset management and investment services, and virtual asset lending services. OKX Middle East Fintech FZE operates under VASP reference number: VL/23/12/003.