Dubai has marked another milestone in its growing role as a global crypto hub, with OKX, a leading global on-chain technology company, becoming the first licensed cryptocurrency exchange in the UAE to provide AED banking rails for both retail and institutional investors. The announcement was made during OKX’s gala event at Dubai’s Museum of the Future, showcasing the UAE’s increasing influence in the blockchain and cryptocurrency sectors.
Rifad Mahasneh, OKX Middle East General Manager, unveiled the new development at the event titled A New Alternative for Dubai, in the presence of high-profile industry leaders, including OKX CEO Star Xu and OKX Chief Marketing Officer Haider Rafique. Notably, Manchester City football manager Pep Guardiola, Skybridge Capital Founder Anthony Scaramucci, Polygon Co-founder Sandeep Nailwal, and Stacks Co-creator Muneeb Ali also participated as guest speakers and panelists.
Exclusive Access for UAE Investors
With OKX now fully operational in the UAE, residents who successfully complete the platform’s onboarding process can enjoy a comprehensive range of services. These include spot trading, express buy-and-sell options, cryptocurrency conversion, and on-chain earning products. Furthermore, institutional investors who meet certain criteria will have access to OKX’s derivatives trading platform, offering a more advanced set of financial tools for seasoned traders.
One of the standout features of this development is that virtual asset investors in the UAE can now deposit and withdraw AED directly to and from their OKX accounts via local bank accounts. This integration significantly simplifies the process of converting traditional currency into digital assets and vice versa. OKX also provides the broadest selection of cryptocurrencies and trading pairs in the UAE, with more than 280 cryptocurrencies and 480 trading pairs, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) against the AED.
Dubai’s Vision for the Future
The OKX event, held at one of Dubai’s most iconic venues, aimed to explore how blockchain technology and cryptocurrencies are poised to reshape industries worldwide. Dubai was chosen to host the event due to its proactive approach in embracing emerging technologies and its clear vision for blockchain integration by 2033.
Mahasneh expressed his excitement about the launch, stating: “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.” His comments highlight Dubai’s growing importance as a leader in the digital finance world, driven by its forward-thinking policies and strategic initiatives.
OKX’s Expanding Global Reach
OKX’s entry into the UAE market marks a significant achievement in its global expansion strategy. By offering AED banking services, the exchange provides a crucial link between traditional finance and the world of digital assets, making it easier for UAE residents to participate in the crypto economy.
At the gala event, Anthony Scaramucci praised the UAE’s progressive stance towards blockchain and cryptocurrency, calling it a beacon for other nations to follow. Polygon’s Sandeep Nailwal and Stacks’ Muneeb Ali echoed similar sentiments, stressing the importance of Dubai’s leadership in shaping the future of blockchain.
The gala successfully brought together prominent figures from the worlds of finance, sports, and technology, showcasing how Dubai continues to attract global innovators and business leaders. As OKX sets its sights on expanding its services in the Middle East, the company’s launch in the UAE represents a bold step forward for the crypto sector, bridging the gap between traditional finance and the rapidly evolving world of digital assets.
As Dubai continues to lead the charge in cryptocurrency adoption, OKX’s presence and fully operational platform will likely set the stage for future developments in blockchain technology across the region.
