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COINTURK NEWS > Cryptocurrency Exchanges > OKX Launches Trading Platform for UAE Residents
Cryptocurrency Exchanges

OKX Launches Trading Platform for UAE Residents

In Brief

  • OKX is offering diverse trading options for UAE residents.

  • The platform supports local currency transactions for cryptocurrencies.

  • New measures enhance the UAE's cryptocurrency ecosystem.

Ömer Ergin
Ömer Ergin 8 months ago
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OKX has officially launched its trading platform for both corporate and individual investors in the United Arab Emirates after obtaining a full operating license. Residents of the Emirates can access the services offered by OKX after completing the required registration process on the website or mobile application.

Contents
Comprehensive Trading Options for InvestorsDirham Support Expanding

Comprehensive Trading Options for Investors

The platform includes spot trading, rapid trading, conversions, and on-chain yield products. OKX, one of the largest cryptocurrency exchanges by trading volume, has also initiated an enterprise-focused trading platform aimed at institutional and individual investors.

OKX offers derivative trading opportunities for qualified professional traders and institutional investors. These investors must meet specific requirements, including passing a knowledge test and suitability assessment and documenting approximately $136,000 in cash.

To be recognized as an institution, customers must fulfill OKX’s Know Your Customer (KYC) requirements and prove at least two liquidity criteria. These criteria include a minimum balance of $20 million, an annual net turnover of $40 million, or at least $2 million in equity.

“We are very hopeful that stablecoins are vital to close critical financial gaps in the Emirates.” – OKX President Hong Fang.

Following strict measures imposed on seven organizations operating in Dubai’s cryptocurrency sector, the city has strengthened its regulatory framework to ensure transparency and compliance.

Dirham Support Expanding

Outside of OKX, the M2 exchange has also added dirham support to its platform. An announcement made on July 31 stated that users can convert their BTC and ETH directly into dirhams. This function allows investors to quickly adapt to market fluctuations.

These developments contribute to the growth of the cryptocurrency ecosystem in the United Arab Emirates and the emergence of significant investment opportunities.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 11 October, 2024 - 12:02 am 11 October, 2024 - 12:02 am
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