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OKX Secures License in Dubai and Plans to Open Regional Hub
The exchange has followed in the footsteps of FTX and Kraken in securing a license in the UAE.
Updated May 11, 2023, 5:42 p.m. Published Jul 14, 2022, 8:24 a.m.
Cryptocurrency exchange OKX has been awarded a provisional virtual assets (VA) license in Dubai, the company said Thursday.
- According to its press release, the license was issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow OKX to provide trading services to investors in the United Arab Emirates (UAE).
- The Seychelles-based company also announced plans to open a regional hub in Dubai to expand the reach of cryptocurrencies in the region.
- “The [Middle East North Africa] region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem," said OKX General Manager Lennix Lai. Lai said the company will continue "innovating for the future in a regulated framework.”
- In February, UAE's Securities and Commodities Authority (SCA) announced it was allowing Virtual Asset Service Providers (VASP) to establish entities in the country as it looked to become a global crypto hub.
- FTX became the first exchange to secure a license in March. Kraken was awarded a license in April.
- OKX is one of the largest crypto exchanges by trade volume. It has more than 20 million global customers.
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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