OKX Secures License in Dubai and Plans to Open Regional Hub

The exchange has followed in the footsteps of FTX and Kraken in securing a license in the UAE.

AccessTimeIconJul 14, 2022 at 8:24 a.m. UTC
Updated May 11, 2023 at 5:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Cryptocurrency exchange OKX has been awarded a provisional virtual assets (VA) license in Dubai, the company said Thursday.

  • According to its press release, the license was issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow OKX to provide trading services to investors in the United Arab Emirates (UAE).
  • The Seychelles-based company also announced plans to open a regional hub in Dubai to expand the reach of cryptocurrencies in the region.
  • “The [Middle East North Africa] region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem," said OKX General Manager Lennix Lai. Lai said the company will continue "innovating for the future in a regulated framework.”
  • In February, UAE's Securities and Commodities Authority (SCA) announced it was allowing Virtual Asset Service Providers (VASP) to establish entities in the country as it looked to become a global crypto hub.
  • OKX is one of the largest crypto exchanges by trade volume. It has more than 20 million global customers.
  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Appchain Protocol Tanssi Raises $6M
    18:57
    Appchain Protocol Tanssi Raises $6M
  • Breaking Down Internet Computer's 40% Rally
    00:59
    Breaking Down Internet Computer's 40% Rally
  • HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
    02:14
    HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.