In a groundbreaking move, RAKBank has launched the UAE’s first regulated retail crypto trading service, allowing customers to trade Bitcoin, Ethereum, and other cryptocurrencies directly from their bank accounts. This innovative service eliminates the need for third-party exchanges and foreign currency conversions, offering a seamless and secure way to invest in digital assets.
Why RAKBank’s Crypto Trading Service is a Game-Changer
RAKBank’s new service integrates cryptocurrency trading into its mobile app, enabling users to buy, sell, and swap Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP using UAE dirhams (AED). Key benefits include:
- No need to transfer funds to external exchanges
- Elimination of foreign exchange fees
- Direct trading from savings or current accounts
- Full regulatory compliance under Dubai’s VARA
How RAKBank’s Regulated Crypto Service Works
The service, powered by Bitpanda Broker MENA DMCC, operates entirely within RAKBank’s existing infrastructure. Here’s how it simplifies crypto trading for UAE residents:
- Access the crypto trading feature through RAKBank’s mobile app
- Select from currently supported cryptocurrencies (BTC, ETH, SOL, XRP)
- Execute trades directly using AED from your bank account
- Enjoy instant settlement in local currency
The Future of Retail Crypto Trading in the UAE
RAKBank’s initiative positions the UAE as a leader in regulated cryptocurrency adoption. With plans to expand the asset list and roll out the service more broadly, this could mark the beginning of mainstream crypto integration in Middle Eastern banking.
Frequently Asked Questions
Which cryptocurrencies can I trade through RAKBank?
Currently, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP are supported, with plans to add more assets in the future.
Is this service available to all RAKBank customers?
The service is currently in an invitation-only phase, with a broader rollout expected in coming months.
How does this differ from using a crypto exchange?
The key difference is direct integration with your bank account, eliminating the need for fund transfers and foreign currency conversions.
What regulatory framework governs this service?
The service operates under Dubai’s Virtual Assets Regulatory Authority (VARA) oversight.
