OKX, one of the world’s largest exchanges, has obtained regulatory license in Dubai, marking its strategic expansion in the United Arab Emirates (UAE).
This move is in line with the UAE’s ambitions to become a global cryptocurrency industry player. This vision is also supported by the establishment of the Dubai Virtual Asset Regulatory Authority (Vara) in March 2022.
OKX Receives Green Light License for Dubai Expansion
Rifad Mahasneh, OKX’s General Manager for the MENA region, emphasized the importance of this expansion. Mahasne said:
“We see this as a game changer as we can now target both retail and institutional customers in the UAE and accept deposits and withdrawals in their local currency.”
He also spoke about the ongoing collaboration with Vara to meet certain conditions for the imminent launch.
Read more: OKX Review 2024: A comprehensive guide to the leading cryptocurrency exchange
These developments are not only a milestone for OKX, but also reflect broader trends. Many Indian cryptocurrency companies are relocating to Dubai. This exodus is due to a regulatory environment that stands in stark contrast to India’s stringent cryptocurrency regulations and high taxation.
Sumit Gupta, CEO of CoinDCX, commented on this trend:
“Many Web3 startups prefer Dubai or Singapore as hubs because they have regulatory clarity and certainty and greater community support.”
Binance launches Thailand-approved exchange
Meanwhile, Binance, another cryptocurrency powerhouse, is expanding into Southeast Asia by opening a digital asset exchange in Thailand.
Currently, Binance.th is an invitation-only platform. It is scheduled to be opened to the public in early 2024. The venture is in partnership with Gulf Energy Development. This signifies a significant expansion of Binance’s global presence with approval from the Securities and Exchange Commission of Thailand.
Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?
However, expansion into Thailand is not without challenges. Cryptocurrency fraud has been a major concern in the country. This has led Binance to cooperate with Thai law enforcement agencies to combat these criminal activities.
The exchange played a key role in two major operations, including “Operation Trust No One.” The operation targeted ‘pig slaughter’ scams and resulted in the seizure of more than $277 million worth of assets.
The move marks a pivotal moment for the Asian cryptocurrency sector as OKX prepares to launch its services in the UAE and Binance sets its sights on Thailand.
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