OKX United Arab Emirates (UAE) launch: all you need to know about OKX Middle East Fintech FZE

What's changing?

If you're a resident of the United Arab Emirates, you're currently provided services by Aux Cayes FinTech Co. Ltd. (a Seychelles registered company) (Aux Cayes). As part of our global commitment to compliance with local regulatory standards and to providing local currency support, your OKX experience will soon be provided by OKX Middle East Fintech FZE, a virtual asset service provider licensed and regulated by Dubai's Virtual Assets Regulatory Authority (VARA).

Under these changes:

• Digital currency exchange services including fiat services will be provided to you by OKX Middle East Fintech FZE;

• Derivatives and margin-related products and services will be provided to you by OKX Middle East Fintech FZE, provided that you pass a suitability assessment and meet the definition of a Qualified Investor or Institutional Investor as set out by VARA;

• You will have access to AED trading pairs and the option to deposit and withdraw AED directly from your local UAE bank account. Find out more on how to deposit and withdraw AED in the following articles:

  • How do I deposit AED with bank transfer?

  • How do I withdraw AED with bank transfer?

• Trading in AED pairs provides users an opportunity to trade crypto with their local currency.

What do I need to do?

Commencing from 11 October 2024, users who are identified as UAE residents and wish to continue using the OKX platform will be required to complete an identity verification process and agree to the Updated Terms of Service. You'll be required to close any open positions and exit any unsupported features.

What if I don't complete the verification process?

If you don't complete the identity verification process, your account will enter a restricted mode. Your ability to transact will be limited and you'll only be able to withdraw your assets.

How can I access derivatives and margin-related products?

To access derivatives and margin-related products and services, you'll first be required to complete identity verification and transition your trading experience to our UAE entity. Once your account has been verified, you'll have to pass a suitability and knowledge test and submit a bank statement showing a minimum holding of AED 500,000.

What are the supported products I can access as an OKX UAE customer?

What are the supported tokens I can trade as an OKX UAE customer?

Please refer to this article to view the list of tokens that will be available at launch.

What if I hold products or tokens currently that won't be supported by OKX UAE after launch?

Before being able to redo your verification process as a UAE customer, you'll need to make sure you only hold products associated with being a non-wholesale customer. This may require you to:

• Close your open positions

• Cancel your open orders

• Stop trading bots

• Unfollow traders in the copy trading function

• Complete all pending P2P transactions

• Redeem all your Grow products

Important Note: you may continue to hold unsupported tokens, however they'll enter a withdraw-only status once you're moved to the UAE service. This means you'll not be able to sell those tokens on OKX once the UAE service goes live and you've migrated to our UAE entity; you'll only be able to withdraw. Crypto withdrawals have withdrawal fees associated. You may want to consider trading these tokens before the live date. You can find some other related articles about UAE region as below:

• Travel Rule FAQ

• Segregated wallets FAQ