UAE Banks and Crypto Players Keep Swiping Right on Each Other 🏦

Crypto exchange CoinMENA has struck a banking agreement with Standard Chartered to bolster fiat payment infrastructure for users in the United Arab Emirates, according to a press release shared with Cointelegraph. Under the deal, CoinMENA will use Standard Chartered to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management. The exchange said the arrangement would improve transparency and liquidity settlement with approved global counterparties.

Standard Chartered UAE, Middle East and Pakistan CEO Rola Abu Manneh said the UAE had established itself as a leading regulatory environment for digital assets, creating opportunities for financial institutions and regulated firms to collaborate. The agreement reflects growing efforts by crypto firms in the UAE to secure access to regulated banking infrastructure as the country's digital asset sector matures and attracts greater institutional participation. "We believe the industry's future depends on strong banking, regulatory, and operational foundations, not just technology," CoinMENA co-founders Dina Sam'an and Talal Tabbaa said in a joint statement.

Separately, the Central Bank of the UAE (CBUAE) approved Revolut's applications for Stored Value Facilities and Retail Payment Services licenses, according to Bloomberg. Revolut reportedly plans to build out its technology, operations and local capabilities before making its services available in the country. UAE customers are expected to gain access to multi-currency accounts, physical and virtual cards, and domestic and international transfers through the company's app.

The London-headquartered fintech is also reportedly considering expansion across the Middle East and North Africa, including Turkey and Morocco. However, Revolut has not publicly confirmed whether its local offering will include digital asset trading, transfers, staking or access to its Revolut X exchange. The reported licenses cover stored-value and retail payment services rather than explicit authorization for virtual asset activities, and Cointelegraph said it had not received a response from Revolut before publication.