Crypto trading article After getting a full operating license, OKX has made its trade tool public in the United Arab Emirates for both individual and large investors. With this change, people who live in the UAE can trade by using their bank accounts to pay and receive money in local currency.
The statement says that users who go through the onboarding process on the OKX website or mobile app can access many services, such as spot dealing, quick buy and sell choices, currency conversions, and goods for earning on the blockchain.
Qualified traders can get in
OKX now lets professional traders and big clients trade swaps, but only if they meet certain requirements. Participants must pass an information test and a fitness test in order to be eligible. They also have to show proof that they have 500,000 dirhams, which is about $136,000, in cash assets. However, the exchange has not said what a “reasonable” length of time is for these funds to stay available.
Institutional clients must follow OKX’s Know-Your-Customer (KYC) rules and meet at least two of the three liquidity requirements: a balance sheet of at least $20 million, an annual turnover of at least $40 million, or personal assets of at least $2 million.
Important Step Forward for OKX
It’s been almost nine months since OKX got a limited crypto license from the Virtual Assets Regulatory Authority (VARA) in Dubai. But the license didn’t start working until the exchange met all the rules set by the government.
The general manager of OKX in the Middle East and North Africa, Rifad Mahasneh, said that he was confident in the UAE market because the rules are good for business growth and investing. He said that the company was confident that the UAE would become a major hub for crypto.
Features that are easy for UAE investors to use
OKX makes it easy for buyers in the UAE to pay or withdraw money in dirhams through local banks. Users will also be able to trade their dirhams for Bitcoin, Ether, Tether, and other cryptocurrency. Mahasneh talked about how the platform is specifically designed for the UAE market. For example, it supports the Arabic language and has trade pairs in dirhams, which makes it easier for local users to make deals.
Along with OKX, M2 is another cryptocurrency exchange that has added dirham support to its trading site. This means that users can trade Bitcoin and Ether directly for dirhams. This feature lets traders react quickly to changes in the market, which makes dealing in the UAE even better.
