· Qualified users and institutions in the UAE can participate in derivatives trading

· UAE residents can deposit and withdraw UAE Dirhams (AED) from all UAE bank accounts and trade over 280 cryptocurrencies and 480 trading pairs on the OKX platform

· OKX founder and CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City FC first team coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali attended the event as speakers and panel discussion members.

On October 10, 2024, the global on-chain technology company OKX today announced that it has officially launched and obtained an operating license in the UAE. This means that OKX has become the first global cryptocurrency company to provide AED banking services to retail and institutional clients in the UAE.

OKX Middle East General Manager Rifad Mahasneh announced the news at the company's grand event "The New Choice of Dubai" held at the Museum of the Future. The event also invited OKX CEO Star Xu, Chief Marketing Officer Haider Rafique, Manchester City FC first team coach Pep Guardiola, Skybridge Capital founder and managing partner Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-founder Muneeb Ali as guest speakers and panel discussion members.

After completing the required login steps on the OKX app and website, UAE residents can now access a range of services, including spot trading, exchange, quick buy/sell, and on-chain yield products. In addition, qualified users and institutions that meet specific criteria will be able to engage in derivatives trading.

Virtual asset users in the UAE can now deposit and withdraw AED directly on the OKX platform through local bank accounts. OKX offers a wide selection of cryptocurrencies and trading pairs in the UAE, covering over 280 cryptocurrencies and more than 480 trading pairs, including BTC/AED, ETH/AED, and USDT/AED, among others.

The OKX event brought together distinguished leaders and innovators from various industries to discuss how to leverage blockchain technology to drive future transformations across different sectors. The choice of Dubai as the event location is due to its position at the forefront of this technological revolution and in line with its 2033 vision.

Rifad Mahasneh, OKX's General Manager for the Middle East and North Africa (MENA) region, said: "We are thrilled to become the first global cryptocurrency exchange to be granted a full operating license to serve retail and institutional clients in the UAE. Tonight's event has brought together leaders and visionaries from across different fields to discuss the bright future of this space in the country and region, and its impact on the business landscape. We are firmly committed to localization, and our product development reflects this dedication. Tonight's celebration is just the beginning of our long-term journey."

UAE residents can access the OKX website or download the OKX app from the App Store or Google Play, and complete the verification process to start trading.

To celebrate the launch, OKX has announced a reward of up to 100 AED for new users to encourage them to experience the new app. In the future, OKX will list more tokens for UAE users, who can visit the platform to view the latest token listings. Additionally, the OKX website and app provide support for Arabic-speaking users.

This event and the launch of the UAE exchange are another important milestone in OKX's commitment to localization. OKX first launched its exchange in Brazil at the end of 2023, followed by Turkey, Australia, and the Netherlands in the first half of 2024.

To strengthen its commitment to security and risk management, OKX also appointed Yuri Mushkin as the Global Chief Risk Officer during the event. Mushkin has over 20 years of experience in capital markets and risk management, covering both traditional and digital assets, and has held executive positions at multinational companies such as Goldman Sachs and McKinsey & Co.

Last month, OKX SG announced that it had obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). In July this year, OKX designated Malta as its crypto asset market (MiCA) hub, which will provide products and services to over 450 million EU residents in the coming months.

OKX is one of the first companies in the crypto industry to release monthly Proof of Reserves reports, which began at the end of 2022 to verify the full solvency of customer funds on the platform. To date, OKX has published snapshots for 23 consecutive months, continuing to lead the industry in adopting the new upgraded reporting standards.

*To be considered a "qualified" client, users must complete a knowledge test, suitability assessment, and submit bank statements or other proof documents demonstrating they have at least 500,000 AED in liquid cash that remains liquid within a reasonable timeframe.

**To be considered an "institutional" client, users must pass additional KYC (Know Your Customer) requirements and demonstrate that they meet at least two of the following criteria: (1) a minimum total asset value of $20 million; (2) an annual net revenue of $40 million; (3) total own funds of at least $2 million.

About OKX

OKX is a technology company on a mission to organize the global blockchain to make it more accessible, usable, and useful. We are committed to creating a future that is more efficient, transparent, and interconnected for the world. OKX started as a cryptocurrency exchange, providing trading opportunities for millions, and has grown to become one of the largest trading platforms globally. In recent years, we have developed the world's most widely connected on-chain wallet, helping hundreds of millions of users access decentralized applications. Today, OKX is trusted by hundreds of large institutions to provide a reliable platform for entering the crypto markets and seamlessly connecting to global banking and payment systems. Our flagship products include: OKX Exchange, OKX Web3 Wallet, OKX Browser, OKX OS, OKX Ventures, and OKX Institutional Services. To learn more about OKX, download our app or visit: okx.com

About VARA

VARA was established in March 2022 and officially came into effect under Law No. 4 of 2022. VARA is the primary authority responsible for regulating, supervising, and managing Virtual Assets (VA) and related activities across Dubai, including special development zones and free zones, but excluding the Dubai International Financial Centre (DIFC). VARA plays a pivotal role in shaping Dubai's advanced legal framework, protecting investors, and establishing international standards of governance for the virtual asset industry, while supporting the vision of a borderless economy. For more information, please visit [vara.ae](https://vara.ae).

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