OKX obtains a license in the UAE and launches a local platform for retail and institutional investors

What’s new? OKX centralized crypto exchange (CEX) has received a full license from the Dubai Virtual Asset Regulatory Authority (VARA). This allowed it to launch a trading platform for retail and institutional investors in the UAE. Spot trading, conversion, and income programs are available to retail investors, while derivatives are also available to qualified and institutional investors.

Cointelegraph’s material

What else is known? OKX was granted a conditional VARA license in mid-January this year, but it remained invalid until the exchange met a number of requirements set by the regulator.

Now, UAE residents who have completed the mandatory registration steps on OKX’s website or app can access its services. In the case of derivatives, customers need to pass a test and an internal review to become a qualified investor, as well as prove they have 500 000 dirhams ($136 000) in cash that will remain liquid for a certain period.

Institutional investors will need to have a balance sheet of at least $20 million, an annual net turnover of $40 million, and equity of at least $2 million in addition to KYC (know your customer) verification.

In addition, all customers will be able to deposit and withdraw dirhams from OKX through local bank accounts or exchange them for various cryptocurrencies, including bitcoin, Ethereum, and USDT.

OKX general manager for the MENA region Rifad Mahasneh said the company sees huge potential in the UAE: it is easy to do business here as regulators have created a comfortable environment for development and investment. In his opinion, the country will actively develop as a crypto hub in the next few years.

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Earlier, crypto exchange M2 also integrated fiat payments in the UAE. Users can convert their BTC and ETH into dirhams.

In August, OKX began blocking customers for transfers from crypto services on sanctions lists, such as the Tornado Cash mixer and the Garantex exchange. An account will also be blocked if funds from the exchange go to these platforms.

The OKX (OKB) exchange token is ranked 41st in the overall cryptocurrency market capitalization ranking with a market cap of $2,5 billion and is trading at $41,59, having added 1,3% overnight. Weekly growth amounted to 0,9%, but since the beginning of the year, the value of the asset has fallen by 24,17%.