The opening, nine months after OKX Middle East Fintech FZE was granted full regulatory approval by VARA, will allow one of the four biggest cryptocurrency exchanges by volume to offer local residents access to a market without involving a broker who buys liquidity from outside the UAE, usually at a higher price, adding time and friction, said Rifad Mahasneh, the exchange's general manager for the Middle East.
We have two targets - to be the retail app of choice and market and to start converting institutions in the UAE to enter the space,” Mahasneh said in an interview. “The return on investment is going to come from our ability to convert traditional institutions.
The combination of giving access to a regulated derivatives product, local-currency product and local banking channel could give entities representing global institutions, which have so far been sitting on the sidelines, comfort to trade,
OKX is the first major exchange to go live with the combination of "an AED banking integration and an AED order book," retail and institutional availability, and the first to offer regulated derivatives in the market.
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