RAKBANK Launches UAE’s First Retail Crypto Trading Service
Key Takeaways
RAKBANK becomes the first traditional UAE bank to offer retail crypto trading through its mobile app, allowing users to buy, sell, and swap digital assets directly in AED.
The service is powered by Bitpanda Broker MENA DMCC and regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), ensuring full compliance and security.
Currently invitation-only, the offering includes major cryptocurrencies like Bitcoin, Ethereum, Solana, and XRP, with plans to expand access and supported assets soon.
The National Bank of Ras Al Khaimah became the first conventional bank in the United Arab Emirates to provide crypto trading services to retail customers via its mobile banking app.
Overview
On July 29 2025, the bank announced the launch of a crypto brokerage service via its mobile banking app, enabling users to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.
Before this launch, individuals in the UAE who wanted to trade cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana, and Ripple (XRP) had to resort to international exchanges and deal with currency conversion, forex fees, and fragmented user journeys.
RAKBANK now enables customers to buy, sell and swap crypto directly in their existing AED‑denominated current or savings account, fully embedded within the bank’s digital ecosystem.
Group CEO Raheel Ahmed emphasised that “customers in the UAE… deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED.”
The service eliminates the need for third‑party platforms, eliminating process complexity and foreign exchange costs.
Powered by Bitpanda and Regulated Locally
The crypto offering is powered by Bitpanda, an Austria‑based digital‑asset infrastructure provider, executed through its VARA‑regulated affiliate, Bitpanda Broker MENA DMCC, in Dubai.
Bitpanda brings institutional credibility, with existing infrastructure used by major European financial institutions such as Deutsche Bank, N26, and Raiffeisen Bank.
The integration enables RAKBANK to offer a world‑class digital asset platform while ensuring adherence to European and UAE regulatory frameworks—particularly Dubai’s Virtual Assets Regulatory Authority (VARA).
Bitpanda’s custody, execution, and compliance mechanisms underpin the trading service, which is fully regulated and designed for security and scalability within the local market context.
Invitation-Only Rollout and Broader Implications
The crypto brokerage feature is available only by invitation, allowing RAKBANK to finely calibrate the user experience and monitor performance before a full public launch in the coming months. At launch, customers can trade BTC, ETH, Solana (SOL), and Ripple (XRP), with plans to add additional assets in due course.
This move marks a strategic shift in the UAE’s banking landscape. RAKBANK bridges conventional banking and digital asset markets, offering AED‑based trading within a trusted banking environment—a significant advantage for retail users who previously dealt with multiple platforms and regulatory uncertainties.
The launch also reinforces the UAE’s ambition to become a global crypto and fintech hub. More than 600 crypto companies are registered in Dubai’s DMCC free zone. Ongoing regulatory developments—such as Ripple’s RLUSD stablecoin approval—indicate growing support for tokenisation and digital financial infrastructure.
By offering crypto trading services directly through its mobile banking app, RAKBANK has earned first‑mover status among UAE banks. Partnering with Bitpanda Broker MENA DMCC ensures the offering is regulated, secure, and efficient. Customers benefit from no currency conversion, forex fees, and seamless integration into their bank accounts—all within a framework monitored by VARA.
As the service expands beyond invitation access and adds more assets, it is poised to set a new benchmark in digital finance in the UAE and potentially pave the way for other traditional banks in the region to follow suit.