Standard Chartered Launches Bitcoin, Ether Trading for Wealthy UAE Clients
Summary
- Standard Chartered said it will let UAE clients directly buy and sell Bitcoin and Ether through their existing accounts.
- The initial service will be limited to high-net-worth individuals in the UAE classified as professional investors, and trading, custody and settlement will be handled within SC’s own system under a closed structure.
- SC said it became the first global bank in the UAE to offer cryptocurrency trading services after receiving approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
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Standard Chartered has launched a service in the United Arab Emirates that allows clients to trade cryptocurrencies directly.
The bank said on Oct. 14 that UAE clients can buy and sell two cryptocurrencies — Bitcoin and Ether — through their existing Standard Chartered accounts. The initial rollout is limited to high-net-worth individuals in the UAE classified as professional investors.
Trading, custody and settlement will be handled within Standard Chartered’s own closed system. That means clients do not need a separate crypto wallet or an external trading platform.
Standard Chartered recently received approval from Dubai’s Virtual Assets Regulatory Authority, or VARA, to launch the service. It described the move as the first time a global bank has offered cryptocurrency trading services in the UAE.
Separately, Standard Chartered launched spot Bitcoin and Ether trading for institutional investors through its U.K. entity in July last year.
