UAE based Rakbank has made banking history by becoming the first conventional institution in the Emirates to allow retail clients to trade cryptocurrency directly within its mobile app. The brokerage service, built in partnership with VARA regulated Bitpanda and Bitpanda Broker MENA DMCC, enables users to buy, sell, and swap BTC, ETH, SOL, and XRP using AED balances without requiring external exchange transfers or foreign exchange fees.
Transactions execute via Bitpanda’s infrastructure, while Rakbank handles account settlement and custody integration. The platform currently operates via invitation only, with plans to expand availability in the coming months. Users benefit from built in KYC compliance, regulated trade execution, and simplified access compared to offshore exchanges.
This move signals a major step in mainstream crypto adoption across the Gulf region. Other banks in the UAE are reportedly exploring similar offerings, with financial institutions aiming to meet rising consumer demand for regulated digital asset exposure. Rakbank CEO Raheel Ahmed described the integration as a logical extension of digital banking services positioning the bank as a leader bridging fiat and crypto infrastructure.
