Standard Chartered launches spot Bitcoin and Ether trading in UAE for institutional clients
London-based multinational bank Standard Chartered has launched spot trading of Bitcoin (BTC) and Ether (ETH) for institutional clients in the United Arab Emirates through its entity regulated by the Dubai International Financial Centre (DIFC). This move makes Standard Chartered the first global bank and the first Global Systemically Important Bank (G-SIB) to provide such digital asset trading services in the region. Eligible clients can now access spot trading of digital assets via the bank’s integrated electronic trading platforms, expanding the bank’s regulated crypto offering across the UAE market.
Launch of spot trading for institutional clients
Standard Chartered officially announced the launch of spot Bitcoin and Ether trading for institutional clients in the UAE through its Dubai International Financial Centre regulated entity. The new offering is accessible via the bank’s existing platforms with integrated electronic trading channels, simplifying access to digital assets for major investors in the region.
The bank emphasized that this step marks the first such initiative among global banks and highlights Standard Chartered’s status as the first Global Systemically Important Bank (G-SIB) to offer these services in the region.
Expanding crypto services in the UAE
Earlier in September 2024, Standard Chartered had already launched digital asset custody services in the UAE, strengthening its market presence. In June, the bank entered a banking agreement with crypto exchange CoinMENA, enabling the exchange to use Standard Chartered’s platform for fiat on- and off-ramps, client money accounts, and virtual account-based transaction management.
Other cryptocurrency companies are also actively obtaining licenses and expanding offerings in the UAE market. For instance, in August, trading platform Capital.com announced plans to offer spot crypto trading to clients in the UAE after securing a virtual asset license from the country’s Capital Market Authority.
In July, neobank Revolut received in-principle approval from Dubai’s Virtual Assets Regulatory Authority to provide crypto-related services in the region, indicating growing interest from major players in digital assets in the UAE.
Why it matters
This development is significant for the crypto industry as Standard Chartered becomes the first global bank and the first Global Systemically Important Bank (G-SIB) to offer spot cryptocurrency trading in the UAE. It marks a gradual integration of digital assets into the traditional banking sector and the legitimization of the crypto market in the Middle East region. The expansion of regulated services by major international banks enhances institutional investor confidence in crypto assets and strengthens the infrastructure for continued market growth.
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