The new license, granted by Dubai's VARA, allows OKX Middle East to offer both fiat and spot trading services to users via its website and mobile app.
In compliance with the FCA's new order, OKX will test its retail customers to determine their eligibility to hold an OKX account and manage digital assets responsibly starting January 8, 2024.
OKX plans to grow in India's Web3 sector by hiring local developers for custom wallet solutions and fostering collaboration with the local Web3 community to boost market share.
The Dubai Virtual Assets Regulatory Authority license lays the foundation for OKX to obtain a full-scale license in the coming months to offer digital currency services in the region.
Paxos follows exchanges OKX and dYdX which have announced exits from Canada at a time when regulators have enforced new and tougher regulatory measures.
OKX has applied for a license in Hong Kong as it announced a new office in the city; it also plans to open a new office in Australia, although it is yet to secure a license.
Canadian regulators have been shoring up digital currency regulatory loopholes and demanding better from VASPs, and OKX is unable to adhere to the new regulations.
State media monitoring service Roskomnadzor further alleged that the OKX website disseminated unreliable socially significant information of a financial nature.