OKX shakes up Dubai’s crypto scene with new exchange

OKX, one of the world’s leading cryptocurrency exchanges, has officially launched in Dubai, marking a significant milestone. 

This move positions OKX as the first major global exchange to serve both retail and institutional clients in the UAE, offering 280 cryptocurrencies and 480 trading pairs. UAE residents who complete the onboarding process on the OKX app or website can now access a range of services. 

The launch was announced at a gala event at the Museum of the Future, Dubai, on October 10, 2024. 

“Dubai offers a combination of regulatory support and market demand, making it an ideal place for our expansion in the MENA region,” said Rifad Mahasneh, General Manager of OKX MENA, in an interview with Gulf Business. He highlighted how Dubai aligns with OKX’s vision: “The city is rapidly evolving into a global hub for blockchain technology, and we are here to support and grow with this vibrant ecosystem.”

Thanks to OKX, both retail and institutional investors in the UAE will, for the first time, have access to trading pairs in AED, enabling them to trade in their local currency.

“The AED trading pairs are a key feature for us,” Mahasneh said. “It simplifies access to digital assets for users in the UAE, removing the complexities and extra fees often associated with foreign currencies.”

OKX has launched several products specifically tailored for the UAE market, including spot trading, express buy and sell options, and on-chain earning products, catering to both new users and experienced traders.

This UAE launch represents another milestone in OKX’s local growth. The company launched its exchange in Brazil in late 2023, followed by entries into Türkiye, Australia, and the Netherlands earlier in 2024.

Financial Inclusion

Financial inclusion is a core goal for OKX, and the Dubai launch is a step towards making crypto more accessible to a diverse population. By offering local currency trading, OKX is catering to residents who may not have previously considered investing in digital assets.

“Dubai’s demographic is diverse, with people from all walks of life looking for innovative ways to secure their financial future,” Mahasneh explained. “By making our platform accessible to more people, we hope to bridge the gap in financial inclusion.”

The platform also offers access to derivatives trading for qualified investors, a service that was previously unavailable in the region. This feature enables advanced traders to expand their portfolios and hedge their investments.

OKX’s presence in Dubai is made possible by the city’s supportive regulatory framework. Dubai’s Virtual Assets Regulatory Authority (VARA) has played a critical role in fostering a secure environment for crypto businesses.

“We were pleased to receive full operational approval from VARA,” Mahasneh said. “Their approach to regulation is thorough yet facilitative, ensuring innovation can thrive without compromising safety and security.”

The UAE stands out globally for its forward-thinking regulatory stance on digital assets. Dubai offers a clear regulatory path for blockchain companies, enabling OKX to commit to compliance and transparency, which enhances user trust.

Blockchain Adoption and Security

As Dubai strengthens its position as a global hub for virtual assets, OKX aims 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.

“We see Dubai as the gateway to the wider Middle East for blockchain and crypto adoption,” Mahasneh said. “We’re partnering with local institutions, startups, and government bodies to create a thriving crypto ecosystem that supports both businesses and individuals.”

OKX’s strategy involves building partnerships with fintech startups and educational institutions to foster innovation and knowledge sharing. Mahasneh emphasised, “The community here is tech-savvy, and there’s a strong appetite for new technologies. By collaborating with educational institutions, we aim to provide resources and training for the next generation of crypto enthusiasts.”

With the volatility and security risks associated with digital assets, OKX is committed to building user trust through robust security measures. The platform implements advanced protocols to safeguard user assets and ensures transparency through initiatives like publishing Proof of Reserves.

“Security is our number one priority,” Mahasneh said. “We regularly publish our Proof of Reserves to show that we have the liquidity to back user funds. This is about more than regulation—it’s about building trust with our users.”

OKX is also committed to educating its users about crypto trading and blockchain technology. “Education is essential for anyone entering the crypto space,” Mahasneh added. “We want our users to feel informed and confident in their investments.”

Economic Impact

The launch of OKX in Dubai is expected to have a positive economic impact, especially in job creation and new business opportunities. As the company expands in the UAE, demand for talent in the crypto space is on the rise.

“We’ve seen a lot of interest from professionals globally who want to relocate to Dubai because of the opportunities here,” Mahasneh noted. “We’ve hired locally for key functions like compliance, legal, and finance, and we’re looking to expand into more innovative areas like software development.”

Dubai’s crypto-friendly environment is attracting international talent and creating a ripple effect in the local economy. The presence of major players like OKX is expected to stimulate growth in the blockchain sector, supporting related businesses such as custody, infrastructure, and tokenisation services.

OKX’s objective in Dubai is to create a comprehensive ecosystem that includes not only trading but also infrastructure and support services vital to the broader adoption of digital assets. Mahasneh envisions Dubai becoming a global centre for digital assets.

“You don’t have to look into the future to see Dubai as a hub for crypto—it already is,” Mahasneh said. “In the area surrounding our office alone, there are dozens of firms working in this space, from exchanges to infrastructure providers. The ecosystem is growing daily, and we’re proud to be part of that growth.”

OKX is also encouraging other firms in the sector to relocate to Dubai, aiming to create a collaborative and competitive environment that pushes the boundaries of blockchain technology.

OKX’s Future Vision

Looking ahead, OKX has ambitious plans for the MENA region. The company aims to deepen its engagement with the local community, enhance customer support, and further localise its offerings by providing services in Arabic. OKX is also keen to expand its partnerships with both fintech and educational institutions in Dubai.

“We are not just here to do business—we are here to be part of the community,” Mahasneh said. “Our goal is to offer a platform that meets the needs of our users while contributing to Dubai’s vision of becoming a global blockchain leader.”

OKX is inviting UAE residents to explore the platform, which is available on all major app stores and has Arabic-language support. Mahasneh encouraged users to provide feedback, as the company is committed to continually improving its offerings to meet local needs.

“We’re eager to hear from our users,” he said. “Their feedback is vital to helping us shape OKX into the preferred crypto trading platform in the UAE.”

This invitation extends to both retail investors and institutions, with OKX confident that its services can cater to a wide range of needs—from basic spot trading to sophisticated derivatives for advanced traders.

Mahasneh concluded, “We are excited about what lies ahead—not just for OKX, but for the entire crypto community in Dubai. The future is bright, and we are just getting started.”