OKX UAE Launch: Key information for institutional investors on OKX Middle East Fintech FZE

Published on 14 Oct 2024Updated on 31 Oct 20244 min read2

Why do I need to complete institutional verification again?

We're making updates to our platform, and are migrating all UAE institutional accounts from Aux Cayes FinTech Co. Ltd. (a Seychelles registered company) to OKX Middle East Fintech FZE (OKX UAE), a virtual asset service provider licensed and regulated by Dubai's Virtual Assets Regulatory Authority (VARA).

Completing verification again ensures we have up-to-date KYB (Know Your Business) information and are complying with local regulations.

What changes are being made to the platform?

The OKX UAE entity offers different products compared to the previous entity. Please refer to this link for a full list of products supported under OKX UAE.

Do I need to take action if I only use basic trading features?

Yes, all users are required to complete verification, even if they only use basic trading features.

How can I review and accept the updated Terms of Service?

You can review and accept the updated Terms of Service on this link.

What happens if I do not complete verification by the date listed in the email?

Your account will be restricted to withdrawal-only mode, but you'll still be able to withdraw your funds. However, trading and other services will be restricted until you complete verification. Updating your account ensures a timely transition and prevents any interruptions to your trading activities.

Will my existing funds and assets be affected during this migration?

Your existing funds will remain in your account, but you'll need to convert or withdraw your holdings in unsupported tokens (USTC, LUNA, LUNC, ELF, OKB, DAI) as part of the migration.

How do I close my P2P, margin, perpetual, futures, and options positions?

You can close your positions by accessing your trading dashboard and following the provided instructions.

What should I do if I have funds for Earn, Loan, or Jumpstart products?

You're required to redeem all funds from these products before the date listed in the email. Instructions will be provided in your account dashboard.

Will I still be able to use the Grow service after the date listed in the email?

As part of the migration, you'll need to redeem all assets in the Grow service, including Earn, Loan, and Jumpstart, before the date listed in the email. Once you've completed the migration, you'll be able to access On-chain Earn through OKX UAE, but note that Simple Earn, Loan, and Jumpstart aren't supported under OKX UAE.

Will there be any changes to fees or trading limits after the migration?

There may be adjustments to fees and trading limits as part of the migration. Please log-in and check the fees applicable to you on this link.

How long will it take to complete the institutional verification process?

Once you've submitted the information, the verification process typically takes 3 days, depending on the volume of applications.

What documents do I need to submit for institutional verification?

You may be required to submit corporate documents, proof of address, and identification documents for key personnel.

Can I contact customer support if I have questions or need assistance with the migration?

Yes, you can reach out to support@okx.com for any questions or assistance regarding the migration process.

Is OKX regulated in Dubai?

Yes, OKX Middle East Fintech FZE is licensed by the Dubai Virtual Asset Regulatory Authority (VARA) under VASP Reference: VL/23/12/003.

Where can I find more information about the migration and Terms of Service?

You can find more information by logging into your account or visiting our official website at okx.com.Additionally, updates will be communicated via email and notifications within the platform.

This activity does not constitute and shall not be considered to be (i) investment advice or an investment recommendation, (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital assets, including stablecoins and NFTs, are subject to extreme market volatility, involve a high degree of risk, can lose value, and may become worthless. They are not insured and lack legal protections. Avoid making investment decisions driven solely by urgency. Investing in Virtual Assets may lead to the loss of your entire investment. Virtual Assets are not insured against potential losses and are not protected by any form of financial protection whatsoever. Historical returns do not guarantee future results. OKX is not liable for potential losses. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. Please consult a legal, tax, or investment professional for advice or questions specific to your circumstances.

Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may fluctuate, and you may lose the amount invested. Virtual Assets are not not insured against potential losses and may lack legal protections. Avoid making investment decisions driven solely by urgency. You are solely responsible for your investment decisions, and OKX is not liable for any losses that may arise. Past performance does not constitute a reliable predictor of future performance. You should only invest in products that you are familiar with and understand the risks involved. You should consider your own investment experience, financial situation, investment objectives, and risk appetite and consult an independent financial adviser before making any investment.This campaign and its terms and conditions should not be regarded as financial advice. OKX Middle East Fintech FZE is licensed by the Virtual Asset Regulatory Authority to provide VA Exchange Services, VA Management and Investment Services, and VA Lending and Borrowing Services. OKX Middle East Fintech FZE operates under VASP Reference: VL/23/12/003. Please refer to the Terms of Service and Risk Disclosure for further details.