Standard Chartered Launches Bitcoin Trading for UAE Wealth Clients

British multinational bank Standard Chartered has launched a Bitcoin trading service for its affluent retail clients in the United Arab Emirates, marking the first such offering from an international bank in the region.

The service, announced on Wednesday, allows eligible clients to buy Bitcoin directly through their Standard Chartered bank accounts without needing third-party applications or wallets. The bank will manage custody and settlement through a closed-loop model to mitigate external risks.

Samir Subberwal, Standard Chartered’s global head of wealth solutions, said the launch is a significant milestone as digital assets enter the bank’s core wealth offering. Rola Abu Manneh, CEO for the UAE, Middle East and Pakistan, emphasized the bank’s role as the first international bank in the UAE to launch such a cryptocurrency trading service.

The move follows the bank’s recent expansion of its crypto offerings, including a trading desk for institutional clients in the UAE last month and plans for custody services in Singapore. Standard Chartered already provides crypto custody in the UAE, Luxembourg, and Hong Kong.