RAKBANK Makes History: UAE’s First Conventional Bank to Enable AED Crypto Trading via Mobile App

RAKBANK mobile app enabling AED crypto trading in UAE

In a groundbreaking move, RAKBANK has become the first conventional bank in the UAE to enable retail customers to trade cryptocurrencies directly through its mobile banking app. This revolutionary service, launched in July 2025, allows users to buy, sell, and swap digital assets using UAE dirham (AED) without the hassle of foreign exchange fees or transferring funds to external exchanges.

RAKBANK Pioneers UAE Crypto Trading for Retail Investors

RAKBANK’s new crypto brokerage service marks a significant milestone in the UAE’s digital finance landscape. Powered by Austria-based Bitpanda, the service is regulated under Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring a secure and compliant trading environment. Key features include:

  • Direct trading from existing savings or current accounts
  • AED-denominated transactions with no foreign exchange fees
  • Streamlined onboarding process for new crypto investors
  • Competitive lowest buy fees for cost-effective trading

How Bitpanda Enables AED Crypto Trading in the UAE

The partnership with Bitpanda brings institutional-grade crypto trading infrastructure to RAKBANK’s retail customers. Bitpanda Broker MENA DMCC, a VARA-regulated subsidiary, facilitates all transactions. This collaboration leverages:

  • Bitpanda’s existing licenses in multiple European jurisdictions
  • Proven technology for secure and efficient trading
  • Deutsche Bank’s institutional partnership network

Why This Matters for Retail Crypto Trading in the UAE

RAKBANK’s initiative addresses several pain points for UAE residents interested in crypto:

Previous Challenges RAKBANK Solution
Complex fiat-to-crypto conversion Direct AED trading pairs
High foreign exchange fees No FX fees on transactions
Regulatory uncertainty VARA-regulated platform
Security concerns Bank-grade security measures

The Future of Digital Finance in the UAE

RAKBANK’s move reflects the UAE’s broader strategy to become a global hub for blockchain and digital finance. With over 600 crypto-related businesses already operating in Dubai’s regulatory sandboxes, this development could accelerate mainstream adoption of digital assets in the region.

Frequently Asked Questions

1. When will RAKBANK’s crypto trading service be available to all customers?

The service is currently invitation-only, with a wider rollout planned in the coming months.

2. What cryptocurrencies can I trade through RAKBANK’s app?

While the exact list isn’t public yet, expect major cryptocurrencies like Bitcoin and Ethereum initially.

3. How does RAKBANK ensure the security of crypto transactions?

The platform uses Bitpanda’s secure infrastructure and complies with VARA’s strict regulatory requirements.

4. Are there any special fees for using this service?

RAKBANK advertises “lowest buy fees” but hasn’t disclosed exact pricing. No foreign exchange fees apply.

5. Can I transfer crypto from other exchanges to my RAKBANK account?

Details about crypto transfers aren’t available yet, but the initial focus is on direct AED purchases.

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