Hassan Maishera
TL;DR
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OKX Middle East Fintech FZE win an operating license from VARA
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The license will see the firm offer local currency trading pairs such as AED/BTC, AED/ETH, and more in the coming weeks.
OKX to Start Offering Local Currency Trading Pairs
OKX Middle East Fintech FZE, the cryptocurrency exchange’s Dubai-based subsidiary, announced on Tuesday that it has obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA).
According to the firm, the license is now fully operational and would allow it to start offering local currency trading pairs over the coming weeks. OKX said it is already planning to offer local currency pairs such as AED/BTC, AED/ETH and several others.
While commenting on this latest development, Rifad Mahasneh, OKX General Manager for the MENA Region, said,
“This allows us to offer services to UAE residents, which we’re going after, including spot trading and fiat-related services, which means deposits and withdrawals of local currency, United Arab Emirates dirham (AED). In addition to that, we’ll be offering local currency trading pairs, so AED/BTC, AED/ETH, and the others, which is something new that we’re doing.”
The Dubai virtual assets services provider (VASP) license will allow OKX to process fiat transactions and provide spot trading services to institutional and retail customers via the exchanges and its app.
OKX is the latest entity to obtain an operating license in Dubai as it is fast becoming a destination for leading cryptocurrency companies.
