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

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.
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    Oliver Knight

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