OKX Becomes First Crypto Exchange to Secure Full UAE Operating License

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On October 10, 2024, OKX made history by becoming the first global cryptocurrency exchange to obtain a full operating license from the Virtual Assets Regulatory Authority (VARA) in the United Arab Emirates. This landmark achievement enables OKX to offer comprehensive digital asset services to both retail and institutional clients across the UAE, marking a pivotal moment in the region’s journey toward becoming a global blockchain and fintech hub.

The official launch was announced at a high-profile event titled "A New Choice in Dubai," held at the iconic Museum of the Future. The occasion brought together industry pioneers, technological innovators, and financial leaders to explore the transformative potential of blockchain technology in reshaping economies and industries.

Full Retail and Institutional Access Now Live

With the new VARA license, UAE residents can now seamlessly access AED (UAE Dirham) banking integration directly through the OKX platform. Users can deposit and withdraw AED from any local bank account, trade over 280 cryptocurrencies, and access more than 480 trading pairs, including popular options like BTC/AED, ETH/AED, and USDT/AED.

👉 Discover how easy it is to start trading crypto with AED on a globally trusted platform.

After completing identity verification on the OKX app or website, users gain instant access to:

Qualified individuals and institutions who meet specific financial criteria will also be eligible for derivatives trading, further expanding investment opportunities within a regulated environment.

Advancing Localized Development in the MENA Region

Rifad Mahasneh, General Manager of OKX Middle East and North Africa (MENA), emphasized the company’s long-term commitment to regional growth:

"We are proud to be the first global crypto exchange to secure a full retail and institutional license in the UAE. This milestone reflects our dedication to building localized solutions that align with Dubai’s vision for a borderless digital economy. Tonight is just the beginning of our journey."

Dubai’s progressive regulatory framework and forward-thinking vision—particularly its alignment with the Dubai 2033 Economic Agenda—make it an ideal hub for blockchain innovation. OKX’s presence reinforces the city’s position as a leader in virtual asset adoption and financial modernization.

Who Qualifies for Enhanced Services?

To ensure responsible participation, certain eligibility requirements apply:

These safeguards underscore OKX’s commitment to compliance, security, and investor protection.

Industry Leaders Unite for Blockchain Innovation

The Dubai event featured insights from prominent figures across finance, sports, and technology:

Their discussions centered on blockchain’s role in revolutionizing sectors such as finance, sports, real estate, and digital identity—highlighting how decentralized technologies can drive transparency, efficiency, and inclusion.

Security and Compliance at the Core

Reinforcing its focus on risk management, OKX announced the appointment of Yuri Mushkin as Global Chief Risk Officer during the event. With over two decades of experience at institutions like Goldman Sachs and McKinsey & Co., Mushkin brings deep expertise in both traditional finance and digital assets.

Additionally, OKX continues to lead the industry in transparency by publishing monthly Proof of Reserves reports. For 23 consecutive months since late 2022, OKX has provided auditable snapshots confirming full solvency of user funds—setting a benchmark for trust and accountability in crypto.

Global Expansion Momentum Builds

The UAE launch is part of OKX’s broader international strategy:

These moves position OKX as a truly global platform, serving users across diverse regulatory environments while maintaining consistent standards of security and innovation.

👉 See how OKX is shaping the future of global crypto access—secure, compliant, and user-focused.

Arabic Support and User Incentives

To enhance accessibility, the OKX app and website now offer full Arabic language support—ensuring local users can navigate confidently. New UAE-based users are also eligible for welcome rewards of up to 100 AED upon registration and verification.

Users can stay updated on new token listings via the platform’s markets section, ensuring timely access to emerging digital assets.

FAQ: Your Questions Answered

Q: Is OKX legal in the UAE?
A: Yes. OKX Middle East Fintech FZE is licensed by VARA (VASP reference: VL/23/12/003) to provide virtual asset trading, management, investment, and lending services in the UAE.

Q: Can I trade with UAE Dirhams (AED)?
A: Absolutely. UAE residents can deposit, withdraw, and trade using AED directly linked to their local bank accounts.

Q: What cryptocurrencies are available?
A: Over 280 cryptos and 480 trading pairs are supported, including BTC/AED, ETH/AED, USDT/AED, and more.

Q: How do I verify my account?
A: Complete identity verification through the OKX app or website. Institutional clients must submit additional documentation.

Q: Does OKX support Arabic?
A: Yes. The platform offers full Arabic interface and customer support.

Q: Is derivatives trading available to all users?
A: No. Only qualified retail clients and institutions meeting VARA-defined criteria can access derivatives products.

A Trusted Platform for the Future

OKX began as a cryptocurrency exchange and has evolved into one of the world’s most connected on-chain technology platforms. Its ecosystem includes:

Today, OKX serves millions of users and hundreds of major institutions worldwide—offering secure access to decentralized applications, seamless banking integrations, and cutting-edge trading tools.

As blockchain reshapes global finance, OKX remains committed to building an open, transparent, and accessible digital economy—one regulated market at a time.

👉 Join millions worldwide who trust OKX for secure, compliant crypto trading.