Market News

UAE's RAKBANK Sets a New Benchmark with Retail Crypto Trading Launch

RAKBANK has officially launched cryptocurrency trading services for retail clients in the UAE, marking a significant milestone in the region's banking landscape.

As the first conventional bank to offer such services, RAKBANK is leading the way towards wider acceptance of digital assets among mainstream users.

This new feature allows customers to buy, sell, and swap cryptocurrencies directly through the bank's mobile app, utilizing Bitpanda's regulated trading platform.

Transactions can be conducted entirely in AED, eliminating the need for foreign currency exchanges and associated fees.

Currently, access to the service is limited to invited customers, with plans for a broader rollout anticipated in the coming months.

RAKBANK's Group CEO, Raheel Ahmed, emphasizes the bank's dedication to providing a safe and efficient trading environment for its customers.

The collaboration with Bitpanda, which is regulated under Dubai's VARA, reinforces compliance with local regulations and enhances the platform's credibility.

This initiative is viewed as a pivotal move towards integrating cryptocurrencies into traditional banking, reflecting the UAE's commitment to becoming a global crypto hub.

With over 600 crypto firms already operating in Dubai, RAKBANK's launch may inspire other banks in the region to follow suit.

Overall, this groundbreaking development signals a promising era for crypto trading in the UAE, contributing to a more comprehensive financial ecosystem.