Standard Chartered Launches Crypto Trading in United Arab Emirates

Standard Chartered has launched a cryptocurrency trading solution in the United Arab Emirates, marking the first time an international bank has offered such a service in the UAE and the first global rollout of the product for the institution. The platform enables eligible affluent and professional investors to buy and sell Bitcoin and Ether directly through their existing bank accounts, eliminating the need for separate wallets or third-party platforms.

The service utilizes a closed-loop model for end-to-end custody and settlement to minimize third-party risks. The solution was developed through a collaboration between the bank's Wealth and Retail Banking and Corporate and Investment Banking divisions, alongside SC Ventures-backed Zodia Markets. The offering is regulated by the Virtual Assets Regulatory Authority.

Bank executives described the launch as a significant milestone in bringing digital assets into the bank's core wealth offering. Standard Chartered intends to expand the cryptocurrency service to other international markets following the initial UAE rollout.