Key Takeaways
- • Standard Chartered now offers direct Bitcoin (BTC) and Ethereum (ETH) trading to high-net-worth Professional Investor clients in the UAE, with the service permitted by Dubai's Virtual Assets Regulatory Authority (VARA).
- • The service is a closed-loop model: the bank handles trading, custody and settlement, so clients do not need an external exchange account or personal digital wallet.
- • The bank describes it as its first crypto trading service for wealthy clients globally and the first such offering from any international bank in the UAE.
- • Development involved the Wealth and Retail Banking and Corporate and Investment Banking divisions, with technology support from Zodia Markets, which is backed by SC Ventures.
- • Terms such as minimum investment, trading fees, transaction restrictions and any expansion beyond BTC and ETH were not disclosed, and no timeline was given for rollout to other markets.
Summary
Standard Chartered has begun offering direct cryptocurrency trading to its high-net-worth clients in the United Arab Emirates, allowing eligible Professional Investor clients to buy and sell Bitcoin and Ethereum from their existing bank accounts. According to the bank's announcement, the service has been granted permission by the Virtual Assets Regulatory Authority (VARA) in Dubai. Clients can trade without opening an account with another exchange or creating a personal digital wallet.
The bank will manage trading within its own banking system. Standard Chartered describes the offering as its first cryptocurrency trading service for wealthy clients worldwide and the first such offering from any international bank in the UAE. The service was built through collaboration between the bank's Wealth and Retail Banking and Corporate and Investment Banking divisions, with assistance from Zodia Markets, a digital asset company backed by its venture unit, SC Ventures. The bank has said it plans to extend the service to other markets, though it has not provided a timeline.
The program operates on a closed-loop basis in which the bank handles all transactions, custody and settlement, so clients never need to move assets to an external wallet. Standard Chartered said this design limits exposure to risks associated with third-party wallets. The announcement did not specify minimum investment amounts, trading fees, transaction restrictions, or whether clients will gain access to cryptocurrencies beyond BTC and ETH.
According to Samir Subberwal, Global Head of Wealth Solutions, Retail Products, Data & Analytics at Standard Chartered, demand for digital assets is becoming part of the bank's wealth management offering. Subberwal said that "clients are increasingly looking not only for access, but also for the security, trust and confidence that comes from investing through a regulated and trusted institution."
The direct trading service builds on existing crypto exposure for wealth clients. Standard Chartered previously allowed eligible wealth clients to invest in cryptocurrency exchange-traded funds through its cash equities platform, and offered structured investments and over-the-counter derivatives giving exposure to crypto markets. Direct BTC and ETH trading adds to these options under the bank's custody.
The bank will manage trading within its own banking system. Standard Chartered describes the offering as its first cryptocurrency trading service for wealthy clients worldwide and the first such offering from any international bank in the UAE. The service was built through collaboration between the bank's Wealth and Retail Banking and Corporate and Investment Banking divisions, with assistance from Zodia Markets, a digital asset company backed by its venture unit, SC Ventures. The bank has said it plans to extend the service to other markets, though it has not provided a timeline.
The program operates on a closed-loop basis in which the bank handles all transactions, custody and settlement, so clients never need to move assets to an external wallet. Standard Chartered said this design limits exposure to risks associated with third-party wallets. The announcement did not specify minimum investment amounts, trading fees, transaction restrictions, or whether clients will gain access to cryptocurrencies beyond BTC and ETH.
According to Samir Subberwal, Global Head of Wealth Solutions, Retail Products, Data & Analytics at Standard Chartered, demand for digital assets is becoming part of the bank's wealth management offering. Subberwal said that "clients are increasingly looking not only for access, but also for the security, trust and confidence that comes from investing through a regulated and trusted institution."
The direct trading service builds on existing crypto exposure for wealth clients. Standard Chartered previously allowed eligible wealth clients to invest in cryptocurrency exchange-traded funds through its cash equities platform, and offered structured investments and over-the-counter derivatives giving exposure to crypto markets. Direct BTC and ETH trading adds to these options under the bank's custody.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.