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OKX Secures License in Dubai and Plans to Open Regional Hub
The exchange has followed in the footsteps of FTX and Kraken in securing a license in the UAE.
Updated May 11, 2023, 5:42 p.m. Published Jul 14, 2022, 8:24 a.m.
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Cryptocurrency exchange OKX has been awarded a provisional virtual assets (VA) license in Dubai, the company said Thursday.
- According to its press release, the license was issued by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow OKX to provide trading services to investors in the United Arab Emirates (UAE).
- The Seychelles-based company also announced plans to open a regional hub in Dubai to expand the reach of cryptocurrencies in the region.
- “The [Middle East North Africa] region is one of the fastest growing markets for our industry, and we are very excited to be at the heart of this thriving ecosystem," said OKX General Manager Lennix Lai. Lai said the company will continue "innovating for the future in a regulated framework.”
- In February, UAE's Securities and Commodities Authority (SCA) announced it was allowing Virtual Asset Service Providers (VASP) to establish entities in the country as it looked to become a global crypto hub.
- FTX became the first exchange to secure a license in March. Kraken was awarded a license in April.
- OKX is one of the largest crypto exchanges by trade volume. It has more than 20 million global customers.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Agora's Nick van Eck bets on stablecoin boom in enterprise payments
Agora CEO Nick van Eck sees stablecoin adoption shifting to real-world business for cross-border payments.
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- Agora, founded by Nick van Eck, is shifting its focus from DeFi growth toward using its AUSD stablecoin for enterprise payroll, B2B and cross-border payments.
- Van Eck argued that traditional companies will adopt stablecoins slowly due to infrastructure, policy and education gaps, but sees the biggest gains in replacing costly, pre-funded cross-border payment systems.
- He said he expects corporate-controlled chains like Circle's Arc, Coinbase's Base and Stripe's Tempo to dominate as the market consolidates, and aims for Agora to become a top-five global stablecoin issuer by building tools that feel more like bank accounts than crypto.
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