Crypto exchange OKX has officially launched its trading platform for both retail and institutional investors in the United Arab Emirates (UAE) following the acquisition of a full operating license.
The platform is now available to UAE residents who complete the mandatory onboarding steps via the OKX website or app, enabling them to engage in spot trading, buy and sell options, conversions, and on-chain earning products.
Qualified traders and institutional investors who meet specific criteria will also be granted access to derivatives trading on OKX’s platform. To qualify for derivatives trading, users must pass a knowledge test, undergo a suitability assessment, and provide proof of liquidity with at least 500,000 dirhams ($136,000) in cash that remains liquid for a reasonable period.
For institutional clients, OKX requires adherence to its Know-Your-Customer (KYC) conditions and compliance with at least two of the following three liquidity requirements: a $20 million minimum balance sheet, $40 million in annual net turnover, or a minimum of $2 million in own funds.
OKX has tailored its platform specifically to the UAE market by integrating key features like Arabic language support and the ability to trade UAE dirhams (AED) directly with cryptocurrencies, including Bitcoin, Ether, and Tether. The platform allows UAE residents to deposit and withdraw fiat dirhams from local bank accounts, making it straightforward for users to engage in crypto trading.
This launch follows OKX’s conditional crypto license from Dubai’s Virtual Assets Regulatory Authority (VARA), which it received nine months ago. The license became operational only after OKX met the regulatory requirements.
In addition to OKX, other crypto platforms are also expanding their presence in the UAE. Crypto exchange M2 recently integrated dirham trading into its platform, allowing users to convert BTC and ETH directly into AED.
Earlier in August, OKX CEO Star Xu confirmed that the exchange plans terminate user accounts found engaging with sanctioned entities like Tornado Cash and Garantex.
Xu responded to a user’s public call on X, warning others about the risks of using the exchange. He clarified that any accounts depositing funds from or withdrawing to sanctioned entities would trigger compliance risk controls, leading to account closure. He highlighted Russian exchange Garantex and crypto mixer Tornado Cash as examples of such entities.