M2 exchange allows UAE residents to buy and sell Bitcoin and Ether directly using their bank accounts
- WBOYOriginal
- 2024-07-31 15:30:151057browse
In an announcement shared with Cointelegraph, the digital asset custodian said that the new integration allows UAE residents to directly convert their
Major crypto exchange M2 has announced the integration of bank transfers for Bitcoin ( BTC ) and Ether ( ETH ) purchases in the United Arab Emirates.
According to an announcement shared with Cointelegraph on Feb. 27, the digital asset custodian said that the new integration now allows UAE residents to directly convert their dirhams into BTC ($66,366 at the time of writing) and ETH ($3,313). Through trading pairs listed on M2’s spot markets, users can trade BTC and ETH for dirhams and vice versa. In addition, users can also deposit and withdraw dirhams.
The M2 team highlighted that the new integration enables users to “swiftly adapt to market changes,” allowing them to easily convert their local currency into crypto.
“This integration is a significant milestone in the wider accessibility of virtual assets in the region. It is a key focus for us at M2 ADGM as we work to expand our offering for the MENA region and reduce the friction in how clients can navigate between traditional finance and virtual assets,” said Stefan Kimmel, CEO of M2.
Kimmel also explained that with the integration, UAE residents can trade using familiar banking services along with M2’s functions and security.
“This integration, regulated by one of the world's strictest regulatory frameworks prioritizing consumer protection, enables residents to trade using the banking services they are accustomed to, together with M2’s functions and security,” he added.
The executive highlighted that this move is also regulated by the UAE government, which he described as one of the world’s “strictest regulatory frameworks” that prioritizes consumer protection.
M2 is licensed by the Financial Services Regulatory Authority (FSRA), an entity that supports and facilitates financial activities in the Abu Dhabi Global Market (ADGM), an international financial center. The exchange received its license on Aug. 16, 2023, allowing institutional and retail clients in the UAE to buy, sell and custody digital assets using the platform.
Kimmel previously said that the ADGM’s licensing process was demanding because of its high standards for multilateral trading facility permits. However, the executive also said that this due diligence allows UAE users to trust that licensed platforms meet the country’s security and transparency standards.
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