Standard Chartered Introduces Cryptocurrency Trading for Wealthy Clients in UAE
Standard Chartered has launched a new service allowing eligible wealthy clients in the United Arab Emirates to engage in cryptocurrency trading directly through their bank accounts. This offering is available exclusively to clients classified as professional investors.
Direct Access to Bitcoin and Ethereum
Clients can now buy and sell Bitcoin and Ethereum without the need to open a separate cryptocurrency wallet or manage private keys. All operations, including custody and settlement, are executed within the Standard Chartered ecosystem through a closed-loop model.
The initiative integrates services across the bank’s asset management and retail banking divisions with its corporate and investment banking activities. Transactions are facilitated via the Zodia Markets platform, which is supported by SC Ventures, the bank’s venture capital arm.
Regulatory Approval and Unique Offering
Standard Chartered has confirmed it received the necessary licensing from the Dubai virtual assets Regulatory Authority to launch this service. The bank emphasizes that this offering is a first-of-its-kind for any international bank in the UAE and represents its inaugural move into direct cryptocurrency trading for individual clients globally.
Expanding Cryptocurrency Services
Previously, Standard Chartered had introduced institutional trading of Bitcoin and Ethereum through its UK division, subsequently extending these services to the UAE. In addition to the newly launched trading for wealthy clients, the bank also offers cryptocurrency exchange-traded funds (ETFs), structured products, and over-the-counter derivatives.
Eligibility and Future Plans
It’s important to note that the cryptocurrency trading service is limited to professional investors, and initially only supports Bitcoin and Ethereum. While Standard Chartered has expressed intentions to expand its cryptocurrency offerings into other markets, no specific countries or timelines have been revealed as of yet.
This is not investment advice.
