Cryptocurrency exchange M2 will give its UAE customers access to direct conversion of dirhams into BTC and ETH via bank accounts.
Residents of the United Arab Emirates are now able to buy and sell using BTC and ETH in dirham trading pairs via bank account integration. This opportunity was provided by crypto exchange M2. The details were announced in a press release distributed to local and relevant media.
M2 is a relatively new crypto CEX launched in 2023 in Abu Dhabi, UAE. It’s regulated by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and licensed by the Securities Commission of The Bahamas (SCB). It allows users to trade BTC and ETH with dirham (AED) support.
Integrating M2’s services and the local banking system enables UAE residents to trade BTC and ETH on the crypto exchange’s spot market using dirham in their bank accounts. Users can also make dirham deposits and withdraw crypto-assets with automatic conversion directly to their bank account.
The M2 team envisions that the new functionality will simplify trading for users, help them adapt to market changes, and expand the availability of digital assets in the region. Stefan Kimmel, CEO of M2, said that the platform is working to extend its offerings for the Middle East and North Africa (MENA) and intends to strengthen the relationship between TradFi and virtual assets.
The UAE authorities are developing the connection between the local state currency and the crypto market. Recently, the Central Bank of the UAE (CBUAE) approved a new system of licensing and supervision of stablecoins, which allows the country to use only stablecoins backed by the dirham.
