Overview of the Service

Standard Chartered Bank has rolled out a new cryptocurrency trading service specifically for its premium clientele in the United Arab Emirates (UAE). This innovative platform allows eligible investors to trade Bitcoin (BTC) and Ethereum (ETH) directly through their existing bank accounts.

Eligibility and Access

The service is poised for clients classified as professional investors, marking a significant development in the bank’s offerings. Notably, it is the first time an international bank has launched such a service in the UAE, and it represents a pioneering effort by Standard Chartered to provide cryptocurrency trading globally to its wealthy clients.

Operational Framework

In a closed-loop model, Standard Chartered will handle custody and settlement of trades within its own ecosystem. This approach eliminates the need for clients to utilize separate cryptocurrency wallets or third-party trading platforms, streamlining the trading experience.

The service combines the bank’s wealth management capabilities with its retail, corporate, and investment banking functions, operating through the platform Zodia Markets, supported by SC Ventures, Standard Chartered’s innovation unit.

Regulatory Approval and Previous Offerings

The bank has obtained licensing approval from the Dubai Virtual Assets Regulatory Authority (VARA) for this new venture. Prior to launching this service for affluent clients in the UAE, Standard Chartered had already ventured into institutional trading of Bitcoin and Ethereum, which commenced in July of the previous year through its U.K. operations and expanded to the UAE on September 3.

Current Market Prices

As of the latest update, Bitcoin is priced at $83,392.00 and Ethereum is at $2,501.69.