OKX Middle East Fintech FZE, the Dubai-based subsidiary of the cryptocurrency exchange OKX, has recently obtained a license from the Dubai Virtual Assets Regulatory Authority (VARA).
The license will be put into use within the next few weeks, allowing the company to offer fiat transactions, spot services, and spot pairs to institutional and qualified retail customers through its exchange and app.
Dubai is becoming a popular destination for those involved in the cryptocurrency industry. As the second-largest exchange in the world by volume, OKX initially received a preparatory license from VARA in June 2020.
However, this latest announcement updates the license to the operational level. According to OKX’s General Manager for the MENA Region, Rifad Mahasneh, the new license will enable the company to offer its services to residents of the UAE.
This includes spot trading and fiat-related services, such as deposits and withdrawals in the local currency, the United Arab Emirates dirham (AED).
