DUBAI (The Thursday Times) — OKX, the globally-recognised cryptocurrency exchange, has officially launched in Dubai, marking a significant step in the Middle East and North Africa (MENA) region. This expansion positions OKX as the first major international exchange to serve both retail and institutional clients in the UAE, offering access to 280 cryptocurrencies and 480 trading pairs. UAE residents who complete the onboarding process via the OKX app or website can now take advantage of a wide range of services.
The launch was celebrated at a gala event at the Museum of the Future in Dubai on October 10, 2024. OKX has also set up an office in the Dubai International Financial Centre (DIFC).
One of the key features of OKX’s Dubai launch is the introduction of trading pairs in the local currency, the UAE dirham (AED), offering both retail and institutional investors the ability to trade in their native currency for the first time.
OKX has introduced several products specifically tailored to the UAE market, including spot trading, express buy and sell options, and on-chain earning products, catering to both beginners and experienced traders. This move marks another important milestone in OKX’s global expansion, following launches in Brazil in late 2023, and Türkiye, Australia, and the Netherlands earlier in 2024.
Promoting financial inclusion
A core objective of OKX is to enhance financial inclusion, and the Dubai launch is a significant step toward making cryptocurrency more accessible to a diverse population. By offering local currency trading, OKX is tapping into a segment of the population that may not have previously considered investing in digital assets.
OKX is also offering access to derivatives trading for qualified investors, a service that had previously been unavailable in the region. This feature enables more sophisticated traders to diversify and hedge their portfolios.
Regulatory support
OKX’s successful entry into the Dubai market is backed by the city’s supportive regulatory environment. Dubai’s Virtual Assets Regulatory Authority (VARA) has played a critical role in establishing a secure and conducive framework for cryptocurrency businesses.
Dubai’s regulatory stance on digital assets has earned global recognition, enabling OKX to prioritise compliance and transparency, thus building trust among its users. OKX is committed to maintaining a high level of security, publishing regular Proof of Reserves reports to assure users of the platform’s liquidity and reliability.
As Dubai continues to solidify its position as a global leader in virtual assets, OKX is determined to be at the forefront of this transformation. By launching in Dubai, OKX is actively contributing to the broader adoption of blockchain technology in the UAE.
Economic impact, job creation
The launch of OKX in Dubai is expected to have a positive economic impact, particularly in terms of job creation and business opportunities. As the company grows in the UAE, demand for skilled professionals in the crypto space is rising.
“We’ve seen significant interest from professionals worldwide who want to relocate to Dubai for the opportunities here,” Mahasneh said. “We’ve already hired locally for key positions such as compliance, legal, and finance, and we plan to expand into areas like software development.”
Dubai’s crypto-friendly environment is attracting international talent, and the presence of major players like OKX is expected to spur growth in the blockchain sector, supporting businesses in related fields such as custody, infrastructure, and tokenisation services.
OKX’s goal in Dubai is to build a comprehensive ecosystem that goes beyond trading to include the infrastructure and support services necessary for widespread adoption of digital assets. Mahasneh envisions Dubai becoming a global center for digital assets.
OKX is also encouraging other companies in the sector to consider relocating to Dubai, fostering a collaborative and competitive environment that pushes the boundaries of blockchain innovation.
Looking ahead
OKX has ambitious plans for the MENA region. The company aims to deepen its engagement with the local community, improve customer support, and further localize its services, including offering Arabic-language options. OKX also plans to expand its partnerships with fintech and educational institutions in Dubai.
OKX is inviting UAE residents to explore the platform, available on all major app stores and with support in Arabic.
