OKX Enters the UAE Derivatives Market
11.10.2024 20:30 2 min. read Kosta Gushterov
OKX, one of the largest crypto exchanges globally, is making inroads into the Middle East and North Africa (MENA) region.
On October 10, the company launched a new exchange in the UAE overseen by the Virtual Assets Regulatory Authority (VARA) that offers spot and derivatives markets for digital assets.
Speaking at the Future Museum in Dubai, OKX’s regional general manager Rifad Mahasneh said the exchange will cater to both retail and institutional investors by maintaining deposits in UAE dirhams (AED) from local bank accounts. He said:
For the first time, we can accept AED deposits directly from UAE consumers.
The platform supports over 280 digital assets and 180 trading pairs, including AED pairs for major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
OKX CEO Star Sue said the UAE was chosen for its transparent regulatory framework, market opportunities and availability of talent. Mahasneh echoed this, reporting that it took three years to navigate the regulatory process, but that the outcome was favorable. Furthermore, as of November 15, 2024, cryptocurrency transfers and conversions will be exempt from VAT in the UAE.
The new exchange also introduces regulated crypto derivatives for the first time in the UAE. Qualified retail and institutional investors will be able to access the derivatives platform but must meet regulatory requirements, including a knowledge assessment and proof of financial stability. Mahasneh stressed that only advanced traders will qualify to trade derivatives.
This launch positions OKX as a leader in the UAE, ahead of competitors such as Binance in offering derivatives. In September, OKX ranked as the second-largest exchange for derivatives volume with $565 billion in trades, capturing 18.4 percent of the market, while Binance held 40.7 percent. OKX’s total market share, combining spot and derivatives trading, now stands at 14.1%.
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