Key Takeaways
- • Edwin Cheung, Executive Director of crypto exchange Gate, argues banks and crypto exchanges are more likely to become partners than rivals as digital assets gain ground in the UAE.
- • Cheung draws on a decade of traditional finance experience, saying banks and securities firms collaborate while maintaining distinct strengths and client bases, a model he expects to carry over into Web3.
- • The interview, published by Emirates 24|7 on 27 October 2026, frames the bank-versus-exchange question as one of complementary roles rather than direct competition.
Summary
Edwin Cheung, Executive Director of Gate, told Emirates 24|7 that banks and crypto exchanges are more likely to become partners than rivals as digital assets gain traction in the United Arab Emirates. The article, written by Biju Mathew and published on 27 October 2026, addresses the question posed in its headline: whether exchanges still matter as traditional banks move into crypto.
Cheung based his view on roughly a decade of experience in traditional finance. In his account, banks and securities firms work closely together while each retains its own strengths, capabilities and distinct client base. He said he sees the same collaborative dynamic carrying over into the Web3 space, where exchanges and banks would likely complement one another rather than compete for the same customers.
The piece is an executive perspective rather than a report on specific transactions, deal values or regulatory filings. It does not cite new figures on crypto adoption in the UAE or on the size of bank crypto offerings. Its core argument is that the entry of banks into digital assets is more likely to strengthen the role of established crypto platforms through partnership than to displace them.
Cheung based his view on roughly a decade of experience in traditional finance. In his account, banks and securities firms work closely together while each retains its own strengths, capabilities and distinct client base. He said he sees the same collaborative dynamic carrying over into the Web3 space, where exchanges and banks would likely complement one another rather than compete for the same customers.
The piece is an executive perspective rather than a report on specific transactions, deal values or regulatory filings. It does not cite new figures on crypto adoption in the UAE or on the size of bank crypto offerings. Its core argument is that the entry of banks into digital assets is more likely to strengthen the role of established crypto platforms through partnership than to displace them.
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