OKX Expands Crypto Services with Operational License in Dubai

The Dubai-based division of the second-largest cryptocurrency exchange globally, OKX Middle East Fintech FZE, has formally obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA), marking a noteworthy advancement for the cryptocurrency scene. With this most recent news, the previously acquired preparatory license is now fully operational, which is a significant step forward for the company’s Middle Eastern operations.

OKX Gears Up for Action in Dubai

Dubai has swiftly emerged as the favored hub for cryptocurrency enthusiasts, and OKX is capitalizing on this trend with its operational foray. The Dubai VASP license, granted to OKX Middle East Fintech FZE, opens the doors for a range of services catering to both institutional and qualified retail customers.

The license enables fiat transactions, paving the way for OKX to offer spot services and spot pairs through its exchanges and dedicated app. The move is strategic, allowing the cryptocurrency exchange giant to tap into the growing demand for diverse trading options in the region.

Rifad Mahasneh, OKX General Manager for the MENA Region, shared insights on the company’s ambitious plans. “This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED). In addition to that, we’ll be offering local currency trading pairs, so AED/BTC, AED/ETH, and the others, which is something new that we’re doing.”

By diversifying its offerings to include fiat-related services and local currency trading pairs, OKX has made a strategic shift to better meet the changing demands of the market. Now that it has its operating license, the cryptocurrency exchange is ready to open up new financial services opportunities in the Middle East by providing consumers with a safe, easy-to-use platform for their bitcoin transactions.

The fact that OKX has moved to operational status in Dubai highlights the region’s importance in the global cryptocurrency industry as the landscape of cryptocurrencies continues to change. Watch this space as OKX Middle East Fintech FZE prepares to launch its expanded service offering in the upcoming weeks.