This is a bold move and one to watch!
RAKBANK has become the first traditional bank in the country to offer crypto trading through its mobile banking app.
The new service lets customers buy, sell, and swap cryptocurrencies directly in AED with no need to convert to foreign currencies or use third-party exchanges. It’s powered by Bitpanda, a Europe-based crypto platform regulated in Dubai under VARA.
Your Bank is Now Your Crypto Exchange
Until now, most UAE users had to move funds to global platforms like Binance or Coinbase to trade. That process usually involved converting from dirhams to dollars, paying extra fees, and dealing with platforms outside the country’s regulatory scope.
With RAKBANK’s new feature, that entire process is cut out. Users can now access crypto markets directly from their savings or current accounts, with trades executed and settled in dirhams.
“We believe [customers] deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED,” said Raheel Ahmed, RAKBANK Group CEO
Bitpanda Adds Credibility and Compliance
The service is being rolled out in partnership with Bitpanda Broker MENA DMCC, a VARA-regulated entity in Dubai. Bitpanda already works with major European institutions like Deutsche Bank and Raiffeisen Bank and is regulated in Austria and Germany.
Calling the partnership a “big moment for digital assets in the region,” Bitpanda’s deputy CEO Lukas Enzersdorfer-Konrad highlighted the opportunity to bring simple, safe crypto access to mainstream users in the UAE.
For now, the service is available by invitation only, with a full rollout expected in the coming months. Supported assets at launch include Bitcoin, Ethereum, Solana, and Ripple (XRP), with more to be added soon.
UAE’s Crypto Momentum Keeps Building
RAKBANK’s crypto launch fits into the UAE’s wider push to become a global crypto hub. Over 600 crypto firms are already operating in Dubai’s DMCC free zone. The country has also been quick to approve innovations like Ripple’s RLUSD stablecoin.
By being the first bank in the region to offer direct, regulated retail access to crypto, RAKBANK may have just set a new standard and likely started a trend that other banks in the region won’t want to miss.
