Standard Chartered has launched Bitcoin and Ether trading for eligible wealthy clients in the UAE. The service runs through existing bank accounts, and the bank handles custody and settlement itself. Access is limited to Professional Investors.
Standard Chartered has launched a cryptocurrency trading service for wealthy clients in the United Arab Emirates, letting eligible investors buy and sell Bitcoin and Ether through their existing bank accounts. The bank says the service has approval from Dubai's Virtual Assets Regulatory Authority (VARA).
The bank described it as its first crypto trading service for affluent wealth clients globally. It also called it the first such offering from an international bank in the UAE.
A closed-loop model keeps coins inside the bank
Clients do not need a separate exchange account or a personal wallet. Standard Chartered manages transactions, custody and settlement within its own system, a structure it says is designed to reduce exposure to risks tied to third-party wallets.
That design has a trade-off. The product terms prohibit crypto transfers into or out of the service, according to The Defiant. Under the client agreement, the bank acts as broker-dealer, and a Standard Chartered group company holds the purchased assets. Clients keep ownership of the coins, which are not bank deposits.
The development involved the bank's Wealth and Retail Banking and Corporate and Investment Banking divisions, working with Zodia Markets, which is backed by SC Ventures. Before this launch, eligible wealth clients could already reach crypto exchange-traded funds through the bank's cash equities platform.
Who qualifies and what it costs
Access is restricted to clients the bank classifies as Professional Investors. The bank's key facts statement requires UAE residency, an age above 21 and a banking relationship of at least AED 4 million.
Orders carry a $50 minimum and $50,000 maximum, or the dirham equivalents. The bank charges a spread of up to 2% in the quoted price, with no additional transaction or custody fees, the statement says.
Standard Chartered plans to bring the wealth offering to other markets over time, but has given no timetable and has not named the countries.
Sources: crypto.news, The Defiant
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