Crypto exchange M2 has launched a groundbreaking service that allows residents in the United Arab Emirates (UAE) to directly buy and sell major cryptocurrencies—Bitcoin and Ether—using their local bank accounts. This new feature promises to streamline the process of trading and managing digital assets by connecting traditional banking with the dynamic world of cryptocurrency.
Detailed Integration Features
In a recent announcement provided to Cointelegraph, M2, a recognized digital asset custodian, detailed that this integration enables UAE residents to seamlessly convert their dirhams into Bitcoin and Ether. This service leverages trading pairs on M2’s spot markets, facilitating exchanges between BTC, ETH, and dirhams, as well as allowing for straightforward deposits and withdrawals of the local currency.
Current Trading Prices:
- Bitcoin (BTC): $66,133
- Ether (ETH): $3,316
These conversions are supported by a user-friendly platform that promises swift adaptation to market fluctuations, thereby enhancing the trading experience.
Strategic Expansion and Milestones
M2’s team views this integration as a strategic expansion of their services, reflecting the rapid evolution of the financial landscape. According to Stefan Kimmel, M2’s CEO, this development is not only a milestone for the exchange but also signifies greater accessibility of virtual assets within the region.
Kimmel elaborated on the benefits of this integration, stating, “It is a significant step for 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.”
Highlighting the regulatory aspect, Kimmel noted that this initiative operates under one of the world’s strictest regulatory frameworks, emphasizing consumer protection—a top priority for the UAE government. The Financial Services Regulatory Authority (FSRA), which governs financial activities within the Abu Dhabi Global Market (ADGM), an international financial center, has granted M2 a license. This license, obtained on August 16, 2023, permits M2 to offer its services to both institutional and retail clients, covering the buying, selling, and custody of digital assets.
The CEO also pointed out the demanding nature of ADGM’s licensing process, which underscores its commitment to high standards for multilateral trading facility permits. This rigorous process reassures UAE users that licensed platforms meet national criteria for security and transparency.
| Service Feature | Description | Regulatory Body | License Date |
|---|---|---|---|
| Direct Bank Integration | Enables trading BTC and ETH via bank accounts | FSRA | Aug 16, 2023 |
| Consumer Protection Focus | Adheres to stringent UAE regulatory standards | FSRA | Ongoing |
| Expansion of Services | Broadens offerings in the MENA region | FSRA | Aug 16, 2023 |
M2’s new integration represents a significant advancement in bridging the gap between traditional banking and cryptocurrency markets in the UAE. By providing a regulated, secure, and user-friendly platform, M2 is setting a new standard for financial technology services in the region, potentially influencing broader adoption and understanding of virtual assets.
Featured image credit: Mikhail Nilov via Pexels
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