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's Know-Your-Customer (KYC Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) 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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.