Crypto Trading Platform Bitex Launches In United Arab Emirates

Announcements, News | November 23, 2018 By:

Crypto trading platform Bitex has officially launched in the United Arab Emirates (UAE).

Bitex UAE is a platform that facilitates the buying and selling of digital currencies like bitcoin, ethereum, Litecoin and Ripple. It allows users to create own wallets and securely store their assets using its multi-signature wallet service. Professional traders have the option to use the advanced trading platform or new-comers can use the instant buy/sell facility. In addition to bank transfer and credit/debit cards, the platform’s cash deposit service allows users to schedule a cash pickup, with funds immediately deposited in their accounts and available for trading within 24 hours.

The company said they decided to launch their platform in the UAE to address the growing demand in the region for a secure crypto wallet and trading platform. In the future, it plans to expand to other countries in the Middle East.

“UAE residents have been calling out for more options to securely buy and sell digital currencies,” said Monark Modi, Bitex UAE’s CEO. “While residents have been able to use international trading platforms for some time, having access to a local exchange is far more convenient. Trading via a UAE-based company allows customers to easily deposit local currency rather than first having to exchange it for a more widely-accepted currency.”

The UAE Financial Services Regulatory Authority, the regulator of Abu Dhabi Global Market, recently implemented a regulatory framework for crypto assets in order to protect investors against risks associated with crypto activities, including financial crime, money laundering, consumer protection and technology governance.

“Recent changes in UAE regulation have made today the perfect time to seize the opportunity to introduce a new, secure, professional trading platform,” said Modi. “I believe the launch of the UAE Blockchain Strategy 2021 by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of the Executive Council, has laid the groundwork for digital assets becoming more accessible in the UAE.”