“If You Can't Beat Them, `Join Them”,

Your Best Banking Partner In UAE – RakBank, became the first conventional bank in the United Arabic Emirates to enable Crypto Trading for Retail users through its Mobile App, powered by Bitpanda.

“If You Can't Beat Them, `Join Them”,
Your Best Banking Partner In UAE - RakBank, became the first conventional bank in the United Arabic Emirates"

HashDeck

🚀 What this means:

🔹 Seamless, AED‑based trading

Users can buy, sell, and swap major cryptocurrencies (initially Bitcoin, Ethereum, Solana, XRP) directly from their RAKBANK AED-denominated savings or current accounts—no need for external exchanges or currency conversions, avoiding forex fees entirely.

🔹 Regulation and infrastructure

The service is powered by Bitpanda Broker MENA DMCC, Bitpanda’s Dubai-regulated affiliate under Dubai’s Virtual Assets Regulatory Authority (VARA). This ensures fully compliant and secure trading within the UAE’s legal framework.

🔹 Structured rollout

It is currently available by invitation only, with a planned wider rollout and potential addition of more crypto assets in the coming months.

 

🧭 Why this is significant:

First mover advantage: RAKBANK is the first traditional UAE bank to bring crypto trading in-house rather than via third-party platforms.

Reduced friction for users: Customers no longer need to jump through hoops—everything takes place inside the bank’s app, with no crypto-fiat transfers or FX hassles.

Regulatory clarity: VARA oversight and Bitpanda’s European compliance credentials enhance trustworthiness.

Rising UAE crypto infrastructure: This aligns with broader initiatives as the UAE positions itself as a regional blockchain and digital asset hub, including the Dubai Multi Commodities Centre free zone hosting over 600 crypto businesses.

📝 A few noteworthy points:

RAKBANK currently supports only four major cryptocurrencies—Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and Ripple (XRP). Broader asset coverage is expected later.

The service is invite-only to start. As adoption grows and reliability is validated, more customers will gain access.

Other UAE banks (e.g. Emirates NBD’s LivX app) have their own crypto initiatives, but none have yet integrated full crypto brokerage capabilities inside a conventional banking app at this scale.

💡 In summary

Date of launch: July 29, 2025

Service: Buy, sell, swap crypto via RAKBANK’s mobile app

Assets supported: BTC, ETH, SOL, XRP

Settlement currency: UAE dirham (AED)

Operator: Bitpanda Broker MENA DMCC, regulated by VARA

Access: Invitation-only rollout, expanding soon

RAKBANK’s move marks a major milestone in integrating conventional banking with digital asset trading. It offers UAE retail customers a convenient, regulated, and truly local way to access crypto markets.

Would you like to know more—such as expected fees, how to join the waitlist, or how it compares with other regional Crypto Services?

Feel free to contact our Customer Team @HashDeck

HashDeck®