Standard Chartered launches UAE Bitcoin and Ether trading

Standard Chartered has launched a service allowing eligible Professional Investor clients in the United Arab Emirates to buy and sell Bitcoin and Ether through their existing bank accounts, the bank said. The offering received approval from Dubai’s Virtual Assets Regulatory Authority, according to Standard Chartered’s announcement. The service is designed to let clients trade the two cryptocurrencies without opening accounts on external exchanges or setting up personal digital wallets. Standard Chartered will manage custody and settlement within what it described as a closed-loop banking model. The bank did not announce fees, minimum investment amounts or transaction limits. The initial customer group is Professional Investor clients in the UAE. The announcement did not provide eligibility thresholds or say whether the service would later support assets beyond Bitcoin and Ether. Standard Chartered described the launch as its first cryptocurrency trading service for affluent wealth clients globally and the first such offering from an international bank in the UAE.