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The cryptocurrency exchange M2 announced that residents of the United Arab Emirates can now buy and sell Bitcoin and Ethereum directly using their bank accounts. In a statement regarding the matter, the crypto asset custody firm said the new integration allows UAE residents to convert their assets directly into Bitcoin and Ethereum. Here are the notable developments and details on the subject.
Significant Move by the M2 Team
Through the trading pairs listed on M2’s spot markets, users can exchange Bitcoin and Ethereum with dirhams and vice versa. Additionally, users can deposit and withdraw dirhams. The team believes the new integration allows users to quickly adapt to market changes and easily convert their local currencies into crypto.
According to M2, the new integration enables the exchange to expand its offerings in a rapidly evolving environment. The team also believes the new integration is a milestone for broader access to crypto assets in the region. M2 CEO Stefan Kimmel made the following statement regarding the matter:
“As we work to expand our offerings for the MENA region and reduce friction for customers navigating between traditional finance and crypto assets, this is a significant step for M2 ADGM.”
Kimmel also explained that with the integration, UAE residents can trade using familiar banking services along with M2’s functionalities and security. The executive also emphasized that this move is regulated by the UAE government, which he described as having one of the world’s strictest regulatory frameworks that prioritize consumer protection.
Details on the Subject
The exchange was licensed by the Financial Services Regulatory Authority (FSRA), an organization supporting and facilitating financial activities at the international financial center Abu Dhabi Global Market (ADGM). M2 received its license on August 16, 2023, allowing institutional and individual clients in the UAE to buy, sell, and store crypto assets using the platform.
Kimmel previously mentioned that the ADGM licensing process was challenging due to its high standards for multi-party trading platform permissions. However, the executive also stated that this rigorous scrutiny ensures UAE users can trust that licensed platforms meet the country’s security and transparency standards.
