RAKBANK Crypto Trading: UAE’s 1st Bank to Offer Bitcoin & ETH Trading

RAKBANK Makes History as First UAE Bank to Offer Crypto Trading – What It Means for the Global Market

Could this be the turning point for mass crypto adoption in the Middle East?

In a landmark move for both traditional banking and the cryptocurrency industry, RAKBANK (National Bank of Ras Al Khaimah) has become the first conventional bank in the United Arab Emirates (UAE) to offer retail crypto trading directly through its mobile banking app. This strategic partnership with European digital asset platform Bitpanda marks a significant step toward mainstream crypto adoption in a region rapidly emerging as a global hub for blockchain innovation.

A Game-Changer for UAE’s Financial Landscape

RAKBANK’s new service allows customers to buy, sell, and swap cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple’s XRP—without transferring funds to external exchanges or dealing with foreign currency conversions. All transactions are conducted in UAE dirhams (AED), eliminating forex fees and simplifying the process for retail investors.

Raheel Ahmed, Group CEO of RAKBANK, emphasized the bank’s commitment to providing a regulated and seamless crypto experience:
"We believe customers in the UAE deserve a more efficient and seamless crypto journey that is fully regulated and entirely in AED."

The service, currently available on an invite-only basis, is expected to roll out more broadly in the coming months. It is powered by Bitpanda Broker MENA DMCC, a Dubai-based entity regulated by the Virtual Assets Regulatory Authority (VARA), ensuring compliance with local financial laws.

Why This Move Matters for the Global Crypto Market

The UAE has been positioning itself as a leader in digital finance, with Dubai’s Multi Commodities Centre (DMCC) already hosting over 600 crypto-related firms. RAKBANK’s entry into crypto trading signals a growing institutional acceptance of digital assets in a region that has historically been cautious about decentralized finance.

This development follows a broader trend of traditional financial institutions embracing crypto services. In the U.S., PNC Bank recently partnered with Coinbase to offer digital asset solutions, while in Europe, Deutsche Bank and Raiffeisen Bank have integrated crypto custody services. However, RAKBANK’s move is particularly notable because it represents the first time a fully regulated, government-backed bank in the UAE has opened crypto trading to retail customers.

Market Impact and Bitcoin’s Resilience

Bitcoin, the flagship cryptocurrency, has seen significant growth in 2024, with its price surging 71% since July and briefly touching an all-time high of $122,838 earlier this month. Analysts suggest that institutional moves like RAKBANK’s could further bolster BTC’s upward trajectory by increasing accessibility and trust among retail investors.

Currently, Bitcoin faces resistance at the $119,000 level, with a potential breakout above $120,000 possibly triggering a new record high. Meanwhile, Solana (SOL), one of the cryptocurrencies available through RAKBANK’s platform, has shown volatility—rallying recently despite a 20% decline over the past six months.

Expert Perspectives: A Shift in Banking Strategy

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, described the partnership as "a big moment for digital assets in the region," highlighting how traditional banks are now becoming gateways for crypto adoption rather than competitors to decentralized platforms.

Financial analysts note that RAKBANK’s approach—leveraging an established crypto exchange rather than building its own infrastructure—reflects a growing trend among banks to minimize development risks while accelerating market entry. This model could serve as a blueprint for other regional banks looking to enter the crypto space.

What’s Next for Crypto in the UAE and Beyond?

With the UAE’s progressive regulatory framework, including VARA’s oversight and the recent approval of Ripple’s RLUSD stablecoin, the country is fast becoming a testing ground for crypto-banking integration. RAKBANK’s success could encourage other Gulf banks to follow suit, further legitimizing digital assets in the Middle East.

For global investors, this development underscores the increasing convergence of traditional finance and crypto—a trend likely to accelerate as more banks seek to meet customer demand for digital asset services.

Share your thoughts on our X: Do you think more banks will follow RAKBANK’s lead in offering crypto trading?

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.

Sources:

• Cointelegraph: "Rakbank becomes the first UAE bank to offer crypto trading for retail"

• Cryptoninjas: "RAKBANK becomes the first traditional UAE bank to launch regulated crypto trading"

• AInvest: "Bitcoin news today: RAKBANK launches UAE-regulated crypto trading service for retail customers"

• OneSafe: "RAKBANK Crypto Trading UAE Banking"

• TradingView: "Here’s what happened in crypto today"

• CoinCentral: "RAKBANK and Bitpanda bring BTC, ETH, and USDT trading in AED"