RAKBANK becomes first UAE conventional bank to offer crypto trading to retail customers
TL;DR:
RA
KBANK is the first traditional
UAE
bank to enable retail crypto trading via its mobile app.
The service is delivered in collaboration with
Bitpanda Broker MENA
DMCC, a licensed VARA-regulated platform.
Customers can buy, sell and swap Bitcoin, Ethereum,
Solana
, and XRP directly in AED, without foreign exchange fees or third-party exchanges.
Initially available by invitation only, with wider rollout expected in the coming months.
RAKBANK
's move positions the UAE at the forefront of regulated fintech innovation in the region.
In a milestone for UAE finance, RAKBANK, the National Bank of Ras Al Khaimah, has launched a regulated retail crypto brokerage service integrated into its mobile banking app.
As of late July 2025, customers can buy, sell, and swap digital assets, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, directly from their UAE dirham accounts, without the need to fund external exchanges or pay foreign exchange fees.
This makes RAKBANK the first conventional bank in the UAE to offer such a service through an official partnership with VARA‑regulated Bitpanda Broker MENA DMCC.
Strategic Significance
This move marks a critical point in the UAE's fintech evolution, integrating cryptocurrency trading into the existing banking experience.
The collaboration leverages Bitpanda's institutional-grade infrastructure, allowing retail access to digital assets under regulatory oversight. By avoiding cross-border currency conversion, RAKBANK offers streamlined access with no forex exposure, reinforcing confidence among domestic users and global investors.
Key Features & Process
Seamless Banking Integration: Customers use their existing RAKBANK savings or current accounts to trade crypto in-app, no external transfers needed.
Transact Fully in AED: Trades settle in UAE dirhams, eliminating currency conversion costs and simplifying pricing.
Selected Asset List: Launch includes major cryptocurrencies (BTC, ETH, SOL, XRP), with other tokens to be added over time.
Regulated Framework: Bitpanda Broker MENA DMCC operates under VARA licensing, ensuring compliance with UAE digital asset regulations,
Invitation‑Only Start: Limited rollout available initially, with broader access expected soon.
Executive Statements
As per FF News, Group CEO Raheel Ahmed said: 'RAKBANK has been a leader, proud to be the first conventional bank in the UAE to provide simple, secure and fully regulated crypto trading in AED.'
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Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, added: 'This collaboration is a major step in bringing safe, compliant crypto access to customers via a trusted banking partner.'
Impact & Broader Implications
Mainstreaming Crypto Access: Traditional banking integration removes barriers for retail participation, especially among less tech-savvy users.
Setting Regional Precedent: While other UAE banks evaluate similar moves, RAKBANK gains first-mover advantage in offering regulated crypto to retail clients.
Supports National Strategy: The launch aligns with the UAE's ambition to be a global fintech leader, underpinned by VARA's regulatory framework and the development of the digital asset ecosystem.
RAKBANK's integration of a VARA-regulated crypto trading service within its mobile banking app marks a pivotal moment in UAE banking. The move simplifies access to digital assets and eliminates traditional transaction hurdles, while keeping retail investment under a regulated, local framework.
As the service transitions from invitation-based to broader availability, it lays the groundwork for other financial institutions in the UAE to follow suit, ushering in a new era of mainstream crypto banking.
FAQ
1. What has RAKBANK launched?
RAKBANK is the first conventional UAE bank to offer retail crypto trading directly through its mobile app.
2. Which cryptocurrencies can I trade?
At launch, you can trade Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP.
3. Do I need a separate crypto wallet or exchange account?
No. You can trade directly from your RAKBANK AED account—no third-party wallets or exchanges needed.
4. Is this service regulated?
Yes. It's powered by Bitpanda Broker MENA DMCC, which is licensed by Dubai's Virtual Assets Regulatory Authority (VARA).
5. Is the service available to everyone now?
Not yet. It's currently by invitation only, but wider rollout is expected soon.
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