CoinDesk
Standard Chartered has opened direct Bitcoin and Ether trading to eligible affluent clients in the UAE, initially limiting access to investors classified as professional. The bank says it is the first international bank to offer this service in the UAE and its first direct crypto-trading service for wealthy clients in any market.
Why it matters
The service uses an in-house, closed-loop model for custody and settlement, so clients do not need separate crypto wallets or third-party trading platforms. It brings together the bank’s wealth and retail banking and corporate and investment banking businesses, and operates through Zodia Markets, backed by Standard Chartered’s SC Ventures unit.
Dubai’s Virtual Assets Regulatory Authority has approved the service. The launch extends Standard Chartered’s digital-asset activity in the region, following institutional Bitcoin and Ether spot trading through its UK arm and a subsequent expansion of that offering to the UAE.
Market impact
The move adds direct crypto trading to the bank’s existing offerings for eligible clients, which include crypto ETFs, structured products and over-the-counter derivatives. Standard Chartered plans to expand the new service to other markets, but has not given a timetable.
For investors, the launch is a concrete example of a global bank bringing direct Bitcoin and Ether access into its wealth business, with custody and settlement handled within the bank’s own ecosystem. The initial professional-investor restriction and Dubai licensing approval define the service’s current reach.
Frequently asked questions
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Who can use Standard Chartered’s new UAE crypto-trading service?
The service is initially available to eligible clients classified as professional investors.
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How does the bank handle crypto custody and settlement?
Standard Chartered uses an in-house, closed-loop model for custody and settlement. Clients do not need separate crypto wallets or third-party trading platforms.
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Which cryptocurrencies can clients trade through the service?
The service lets eligible clients buy and sell Bitcoin and Ether.
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Which entities support and regulate the service?
The service operates through Zodia Markets, backed by Standard Chartered’s SC Ventures unit, and has licensing approval from Dubai’s Virtual Assets Regulatory Authority.
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Will Standard Chartered offer the service in other markets?
The bank plans to expand the service to other markets but has not announced a timetable.
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