What is an OTC desk?
An OTC desk is a trading service that buys and sells large amounts of cryptocurrency directly with a client, off the public exchange order book. You agree one fixed price with a dealer, then settle by bank transfer. In Dubai, OTC desks dealing in virtual assets are licensed by VARA.
KEY FACTS
| Full name | Over-the-counter (OTC) desk |
|---|---|
| Regulator in Dubai | VARA (outside the DIFC) |
| Typical minimum ticket | From around 100,000 USDT |
| IWGT spread | 0.08%–0.40%, by ticket size |
| AED settlement | Same business day (UAEFTS) |
| USD settlement | 2–5 business days (SWIFT) |
Source: IWGT published pricing bands, as of September 2026.
How is an OTC desk different from an exchange?
An exchange matches many small public orders on an order book, so a large market order walks the book and each fill is worse than the last. A desk quotes one price for the whole amount and that price is the fill, so you know the exact AED figure before you send. For a three-way view including P2P, see the OTC vs exchange vs P2P comparison.
How does an OTC desk work in the UAE?
An OTC desk in the UAE works as a licensed principal trader: you open an account (documents in the onboarding section), receive one all-in price held in writing for a defined window, send the crypto on the agreed network, and receive a wire to an account in your own name: AED by UAEFTS the same business day, USD by SWIFT in 2 to 5 business days. In Dubai the desk must hold a VARA licence (see the licence section).
Why it matters when selling USDT in the UAE
The dirham is pegged at 3.6725 per US dollar, so the USDT to AED rate barely moves; what you control is the cost of converting, the spread, published at 0.08% to 0.40% by ticket size in the pricing section, as of September 2026.
Illustrative example
A client sells 250,000 USDT in September 2026. The desk quotes the peg minus a 0.20% spread: gross 250,000 × 3.6725 = AED 918,125, cost AED 1,836, net AED 916,289 wired by UAEFTS the same business day. The full sequence is in selling USDT in Dubai.
FAQ
Is an OTC desk legal in Dubai?
Yes — dealing virtual assets over the counter is a regulated activity in Dubai when the provider holds a VARA licence. Check the licence number in VARA's public register; IWGT's is VL/24/12/002.
What is the minimum amount an OTC desk takes?
Most licensed desks in Dubai start at around 100,000 USDT per trade. Below that size a regulated exchange is usually the cheaper route.
How quickly does an OTC desk pay out?
Once your account is approved, AED goes out by UAEFTS the same business day you trade. USD goes by SWIFT and takes 2 to 5 business days. Payment goes only to an account in your own name.
Is an OTC desk the same as a broker?
In practice, yes: a licensed OTC desk is a broker-dealer that trades with you as principal. The OTC part simply means the trade happens off the public exchange order book.
Trade through a licensed OTC desk
IWGT is a VARA-licensed Broker-Dealer in Dubai (VL/24/12/002). All-in spread 0.08–0.40% by size, published openly. AED by UAEFTS the same business day once your account is approved.
SOURCES
- VARA public register — licence status check, accessed 10 September 2026.
- Central Bank of the UAE — payment systems (UAEFTS), accessed 10 September 2026.
- IWGT published pricing bands and onboarding requirements, September 2026.
This guide is informational and is not legal, tax or investment advice, nor an invitation to buy or sell any virtual asset. Rules and figures are as of September 2026 — re-check the sources before acting. Virtual assets may lose their value in full or in part and are subject to extreme volatility.