UAE’s RAKBANK Rolls Out Crypto Trading for Retail Clients, Featuring XRP, Bitcoin and Others

RAKBANK introduces crypto trading involving Bitcoin, XRP and others for retail customers, becoming the first conventional bank in the United Arab Emirates to offer this service. According to the announcement , the service allows users to buy, sell, and swap digital assets like Bitcoin, XRP, and Ethereum directly through the bank's mobile application in AED. This launch marks a significant shift in how digital assets are integrated into mainstream financial services in the region. RAKBANK Integrates Crypto Trading into Mobile App RAKBANK's new crypto service is embedded within its existing mobile banking platform. Users can transact directly from their current or savings accounts, with all trades conducted in UAE dirhams. This eliminates the need to convert to foreign currencies or use international exchanges. The launch addresses a long-standing challenge for UAE crypto investors, who previously had to rely on global platforms like Binance and Coinbase.  Group CEO of RAKBANK Raheel Ahmed stated that customers should have easy and fully regulated access to digital assets in their local currency. He noted that the launch reflects the bank's ongoing commitment to offering a digitally advanced banking experience while maintaining a personal, customer-focused approach. Partnership with Bitpanda Ensures Compliance and Security Notably, Bitpanda Broker MENA DMCC, a Dubai-based subsidiary of Austria-founded Bitpanda, powers the crypto trading service. The platform operates under the supervision of the Virtual Assets Regulatory Authority (VARA), the regulatory body overseeing digital assets in Dubai. Bitpanda is a European digital asset provider, regulated in Austria and Germany. RAKBANK's partnership with the firm ensures its crypto offering complies with local and international regulatory standards. Deputy CEO of Bitpanda, Lukas Enzersdorfer-Konrad, described the launch as a major step forward for digital finance in the region. He emphasized that the partnership with RAKBANK enables the delivery of crypto services in a secure, straightforward, and user-trusted manner. Limited Rollout, with Wider Access Coming Soon Currently, the crypto trading service is being offered to selected customers on an invitation-only basis. A broader rollout is expected in the coming months, as the bank gathers user feedback and ensures smooth system performance. Meanwhile, RAKBANK's entry into crypto services is aligned with the UAE's broader strategy to position itself as a global digital asset hub. More than 600 crypto and blockchain firms operate in Dubai's DMCC free zone, and regulators have quickly approved initiatives likeRipple’s RLUSD stablecoin. Notably, this is not the first entry of RAKBANK into cryptocurrency. In 2022, Kraken partnered with RAKBANK to enable UAE-based users to fund their crypto accounts using local dirham transfers from any UAE bank.  In April, however, Ruya, a UAE-based digital bank, became the first Islamic bank globally to offer direct access to Bitcoin and other crypto assets via its mobile app.