Standard Chartered Opens Bitcoin and Ether Trading to Wealthy Clients in the UAE

Standard Chartered has launched a crypto trading service for affluent clients in the United Arab Emirates. Eligible investors can buy and sell bitcoin, priced near $83,886, and ether, near $2,521, straight from their existing bank accounts. For now, the service is limited to clients classed as professional investors. The London based lender says it is the first service of its kind from an international bank in the UAE, and the first time it has offered crypto trading directly to wealthy clients in any market.

Closed Loop Custody and Settlement

The bank handles custody and settlement inside its own ecosystem, so clients need no separate crypto wallets or outside trading platforms. The offering joins its wealth and retail banking with its corporate and investment banking arms, and runs through Zodia Markets, which is backed by the bank’s SC Ventures unit. Standard Chartered says it holds licensing approval from Dubai’s Virtual Assets Regulatory Authority.

Earlier Steps and Expansion Plans

Standard Chartered began institutional spot bitcoin and ether trading through its UK arm in July last year and brought that offering to the UAE on Sept. 3. It already gives eligible clients access to crypto ETFs, structured products and over the counter derivatives. More markets are planned, though no timetable was given.