RAKBANK Shakes Up UAE Finance: Launches First Crypto Brokerage Service in the Region

Dubai's banking sector just got a crypto makeover. RAKBANK—the UAE's digital-forward financial institution—has officially entered the crypto brokerage game, becoming the first local bank to offer direct trading services in the Emirates.

Why it matters: While traditional banks still treat crypto like a rebellious stepchild, RAKBANK's move signals a tectonic shift in regional finance. No more offshore exchanges or OTC desks—this brings digital assets into the regulated mainstream.

The fine print: Expect tight FSA oversight (this isn't DeFi, folks), but also seamless AED on-ramps and institutional-grade custody. Because nothing says 'adoption' like a 60-year-old banker explaining Bitcoin halvings to clients.

Bottom line: Another domino falls in crypto's banking conquest. Now if only they'd fix those 2FA SMS delays—we're trading here, not sending carrier pigeons.

Crypto transactions are executed in AED 

Bitpanda owns and operates the platform, while RAKBANK offers access using its mobile app and accounts. RAKBANK notes in the press release that all transactions will occur in AED currency, so there will be no foreign currency transfer fees or forex losses.

The bank emphasizes that its customers will no longer need to MOVE money in and out of a crypto exchange, because all transactions will be directly executed from the customer’s current or savings account.

Raheel Ahmed, Group CEO of RAKBANK, noted that the bank will be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform. He states, “We believe our customers deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED.”

Deputy CEO of BitPanda, Lukas Enzersdorfer-Konrad, viewed the partnership as a big moment for digital assets in the MENA region. He explained, “We’re showing how crypto can be offered in a safe, regulated, and simple way, directly from a major conventional bank that customers already trust.”

He adds, “This is exactly how the future of finance should look: simple, compliant, and built to meet real user needs.”

Are banks taking over the crypto scene?

In the UAE, several banks have entered the crypto space, including Mbank, Zand Bank, Liv bank by Emirates NBD, and even FAB bank by integrating their offerings with crypto exchanges, but not in the seamless way that RAKBANK has today.

It’s a new movement whereby banks are entering the crypto space with arms wide open, especially after the Genesis Act was passed in the United States.

Just last week, PNC Bank announced that it had partnered with Coinbase to expand access to trusted, secure, and innovative digital asset solutions, offering them a crypto-as-a-service platform. The partnership aims to develop an initial offering that will allow clients to buy, hold, and sell cryptocurrencies.

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