RAKBANK has launched a crypto brokerage service for retail customers through its mobile banking app, becoming the first conventional bank in the UAE to offer cryptocurrency trading.
The service is powered by a partnership with Bitpanda, a regulated digital asset infrastructure provider.
The new feature allows RAKBANK customers to buy, sell, and swap cryptocurrencies directly in AED without foreign currency fees or transfer delays. Transactions are processed from the customer’s RAKBANK account and executed on Bitpanda’s platform, which is licensed by Dubai’s Virtual Assets Regulatory Authority (VARA) through Bitpanda Broker MENA DMCC and regulated by multiple European authorities.
By integrating Bitpanda’s infrastructure, RAKBANK aims to streamline crypto trading while ensuring compliance with UAE financial regulations. The service removes the need for customers to transfer funds to external exchanges, providing direct access to digital assets within the bank’s secure ecosystem.
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“RAKBANK has been a pioneer in digital assets among UAE banks, and we are proud to be the first conventional bank in the UAE to offer secure and regulated crypto trading,”
said Raheel Ahmed, Group CEO of RAKBANK.
“Through our app and partnership with Bitpanda, we are delivering a seamless and fully compliant way for our customers to trade crypto entirely in AED.”
Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad called the collaboration a milestone for the region.
“Together, we are showing how crypto can be offered safely and simply through a trusted banking platform. This is the future of finance: simple, regulated, and built for real needs,”
he said.
The crypto brokerage service is initially available by invitation and will be rolled out to more RAKBANK customers over the coming months.
Meanwhile, UAE authorities have issued a joint statement dismissing online claims that digital currency investors are eligible for the country’s golden visa program. The clarification was issued by the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), the Securities and Commodities Authority (SCA), and other government entities.
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