The Middle East arm of OKX, the second largest cryptocurrency exchange by trading volume, has received an MVP Readiness license from the Dubai Virtual Assets Regulatory Authority (VARA) and is ready for the license to go live.
Crypto Exchange OKX Receives Foundation License in Dubai, Increases Staffing
Once the MVP license becomes operational, OKX Middle East will offer spot, derivatives and fiat services, including deposits and withdrawals in US dollars and UAE dirhams.
OKX Middle East has relocated to a new office at the Dubai World Trade Center and says it plans to increase staff numbers to 30, with a focus on local recruiting and senior management.
"We think Dubai is very important and serves as our regional hub for the UAE and MENA (Middle East and North Africa)," Tim Byun, OKX head of global government relations, said in an interview.
Crypto exchanges are exploring their options around the world, especially after recent lawsuits filed by the Securities and Exchange Commission (SEC) in the US.
For example, Coinbase looks to Bermuda to set up an offshore hub, while Binance praised Dubai as a base in a recent interview. Singapore-based crypto platform Crypto.com received an MVP Prep license from Vara in March.
“We have always blocked US customers for OKX and that is why we are not active in the US,” Byun said. “About the US, we will decide appropriately and coherently when to enter this market. But we think there are great opportunities outside of the US.
That's what we love about Dubai, as well as other regions like the Bahamas and Gibraltar, France and the whole EU coming up with MiCA in 2024," he said.
*Not investment advice.