OKX receives regulatory approval for Dubai crypto operations

Cryptocurrency exchange OKX has been granted a licence by Dubai’s Virtual Assets Regulatory Authority (VARA) to offer crypto services to retail and institutional investors in the United Arab Emirates.

The regulatory approval allows OKX to provide spot and spot-pair services in Dubai. When operations commence over the next few weeks, OKX will enable clients to deposit and withdraw funds in local currency.

“We see this as a game changer to target retail and institutional investors in the UAE,” said Rifad Mahasneh, OKX’s general manager for the MENA region.

OKX joins TOKO FZE and Trek Labs Ltd FZE in securing a VARA licence for crypto exchange services in Dubai. The emirate is seeking to establish itself as a global hub for the virtual asset industry.

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VARA was formed in March 2022 to regulate cryptocurrencies in Dubai. The licensing of OKX, one of the world’s largest crypto trading platforms, is a vote of confidence in Dubai’s regulatory framework.

With operations in the Bahamas but not the United States, the Dubai approval positions OKX to expand its geographical footprint. The exchange offers spot trading and spot-pair services to qualified retail and institutional investors.