Standard Chartered Opens Institutional-Only Cryptocurrency Trading Desk in UAE

▲ United Arab Emirates (UAE), Bitcoin (BTC) / ChatGPT generated image

Standard Chartered has launched spot trading for Bitcoin (BTC) and Ethereum (ETH) targeting institutional investors in the United Arab Emirates (UAE).

According to cryptocurrency media outlet Coingape on September 3 (local time), Standard Chartered launched spot trading services for Bitcoin and Ethereum through its Dubai International Financial Centre (DIFC) entity. This marks the first instance of a Global Systemically Important Bank (G-SIB) offering such a service in the UAE. This expands the institutional cryptocurrency spot trading, which began in the UK in July last year, to the Middle East.

The trading method involves the actual exchange of Bitcoin and Ethereum, not cash-settled differences. Eligible institutional clients can place orders through electronic trading systems, similar to existing foreign exchange transactions. There is no need to create a separate account on a cryptocurrency exchange. Settlement assets can be sent to a custodian chosen by the client, and Standard Chartered's digital asset custody service, launched in the UAE in September 2024, can also be utilized.

Fund movements using USDC can also be handled in one place. Clients can issue or redeem USDC on the DIFC platform, store Bitcoin and Ethereum, and then proceed with spot trading. Rola Abu Manneh, CEO of Standard Chartered UAE, Middle East, and Pakistan, stated, “Providing Bitcoin and Ethereum spot trading to institutional clients is a significant step in expanding our regulated digital asset business.”

This service is exclusively available to eligible institutional clients, not individual investors. It is also not a model where Standard Chartered directly holds large quantities of cryptocurrency and creates a market. Coingape explained that the structure provides a channel for institutional funds to access the cryptocurrency market by connecting the bank's existing foreign exchange trading system with custody services.

Standard Chartered has expanded its range of institutional services by adding spot trading to its UAE digital asset custody and USDC issuance/redemption. Christopher Parsons, Senior Executive Officer at Standard Chartered DIFC, stated that the UAE business is “a model that combines global market expertise with a regulated local foundation.” Having expanded its trading network from the UK to the UAE, Standard Chartered's institutional cryptocurrency business is now expanding beyond a single market into multiple financial jurisdictions.

[Article Summary]

-Standard Chartered has launched institutional spot trading services for Bitcoin and Ethereum in the UAE.

-Clients can place orders through existing foreign exchange trading systems and link them to custody and USDC issuance/redemption.

-This service is only available to eligible institutional clients and is not offered to individual investors.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*