Standard Chartered Bank launches cryptocurrency trading service in the UAE, targeting high-net-worth clients.

BlockBeats news, October 14: Standard Chartered announced the launch of a cryptocurrency trading service for high-net-worth clients in the UAE, having obtained the relevant license from the Dubai Virtual Assets Regulatory Authority (VARA). Eligible clients can directly buy and sell BTC and ETH through their existing Standard Chartered bank accounts, without the need for a separate wallet or third-party trading platform, with the bank responsible for asset custody and trade settlement.

The service is launched in partnership with Zodia Markets and is initially available only to professional investors in the UAE, with plans to expand to other markets in the future. Standard Chartered stated that this is its first direct cryptocurrency trading service for wealth management clients, and also the first time an international bank has launched such a service in the UAE.