RAKBANK Launches First UAE Bank-Backed Crypto Trading in Dirhams via Bitpanda

TLDR:

• RAKBANK becomes the first UAE bank to enable direct crypto trading in dirhams.
• Partnership with Bitpanda integrates secure crypto access into RAKBANK’s mobile app.
• No foreign currency fees or external transfers required for crypto transactions.
• Early invitation-only rollout set to expand across UAE retail banking customers. 

RAKBANK has taken a step no other UAE bank has. The bank now allows its customers to trade crypto straight from its mobile app. No transfers to external exchanges. No foreign currency charges. Everything happens in dirhams, within a regulated environment.

This move signals a major shift in how crypto meets traditional banking in the UAE.

RAKBANK to Offer Crypto Access Without the Extra Steps

With this launch, RAKBANK customers can buy, sell, and swap crypto directly from their accounts. 

Access comes through Bitpanda’s platform, integrated into the bank’s app. All transactions settle in AED, removing the usual costs tied to foreign transfers and conversions.

The setup avoids the back-and-forth most traders face when moving funds between banks and crypto exchanges. It keeps the process simple while staying within UAE regulations.

This offering is built on RAKBANK’s partnership with Bitpanda. The company runs its regional entity under Dubai’s Virtual Assets Regulatory Authority. It also operates under several European regulators, giving the service a global compliance backbone.

Bitpanda already works with major financial institutions like Deutsche Bank and N26. By teaming with RAKBANK, it brings the same infrastructure to the UAE’s retail banking market.

Early Rollout and Future Expansion

Right now, the crypto service is invitation-only. RAKBANK plans to roll it out to more customers over the coming months. The bank sees it as a way to merge regulated finance with digital assets in a straightforward way.

The bank’s leadership described it as a direct response to customer demand for safer and easier crypto access. The goal is to provide a simple path into the market, without the barriers or risks that come with unregulated platforms.

This move could reshape how crypto fits into UAE banking. It removes unnecessary steps while keeping everything compliant. For customers, it means crypto trading in dirhams, no hidden conversion costs, and no leaving the security of their bank.

If the early rollout succeeds, this could set a model for other banks in the region.