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OKX, a global cryptocurrency exchange, has officially launched its operations in the UAE, and proclaims itself as the “first international exchange to offer AED” (United Arab Emirates Dirham) banking services to both retail and institutional customers. The announcement was made at an event hosted at the Museum of the Future in Dubai.

According to the press release, UAE residents can now deposit and withdraw AED directly through local banks, gaining access to over 280 cryptocurrencies and 480 trading pairs, including AED trading pairs like BTC/AED, ETH/AED, and USDT/AED. Qualified retail investors and institutional clients can engage in derivatives trading, which are subject to specific criteria.

The event, titled "A New Alternative for Dubai," featured key industry figures including OKX CEO Star Xu, OKX Middle East General Manager Rifad Mahasneh, Manchester City manager Pep Guardiola, Skybridge Capital’s Anthony Scaramucci, Polygon co-founder Sandeep Nailwal, and Stacks co-creator Muneeb Ali. These speakers explored the potential of blockchain to transform various industries.

OKX’s Middle East General Manager, Rifad Mahasneh, highlighted the significance of the UAE launch, calling it an important milestone for the company’s regional growth strategy. Mahasneh stated, "This launch underscores our commitment to building locally and our focus on expanding access to blockchain technology and crypto products in the UAE."

In addition to cryptocurrency trading, OKX provides services such as spot trading, express buy-and-sell options, and on-chain earning products through its app and website. The platform also offers customer support in Arabic, aiming to cater to local users more effectively.

The exchange's move into the UAE comes as part of a broader expansion strategy, with recent launches in Brazil, Türkiye, Australia, and the Netherlands. OKX also announced the appointment of Yuri Mushkin as its Global Chief Risk Officer, adding to its focus on security and regulatory compliance. Mushkin brings extensive experience from roles at financial institutions like Goldman Sachs and McKinsey & Co.

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