HomeTechnology & InnovationOKX secures license in Dubai, plans to open regional hub
By Economy Middle East
July 15, 2022 5:25 pm

OKX secures license in Dubai, plans to open regional hub

Before OKX, FTX, Kraken secured licenses in the UAE

Global cryptocurrency exchange OKX has secured a provisional virtual-asset license in Dubai. The Seychelles-based company plans to set up a regional hub in the emirate and hire more than 100 employees. 

The company has received a provisional virtual-asset license from the Dubai Virtual Assets Regulatory Authority (VARA), the industry regulator.

OKX’s provisional license allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.

“In the short-term, OKX will work closely with the regulator to help them understand OKX’s products and services to launch a compliant and robust platform, secure new offices to serve as OKX’s regional hub, and hire 100+ exceptionally talented staff members from the growing Dubai ecosystem,” OKX CEO Jay Hao said. 

“The UAE has a high concentration of crypto natives and sophisticated traders,” Hao said.

The Middle East and North Africa (MENA) are one of the fastest-growing markets for the crypto industry. OKX is one of the largest crypto exchanges by trade volume. It has more than 20 million global customers.

UAE has been successful in attracting some of the biggest crypto and fintech firms. Binance the world’s largest crypto exchange was given a license from VARA in March.

FTX became the first exchange to secure a license in March. Kraken was awarded a license in April.