The OTC desk verification checklist for the UAE
Ten checks separate a licensed OTC desk from a fake one. All are free, all take about 30 minutes in total, and every one has a pass-or-fail answer: the VARA register entry, the LEI, a named dealer, a written all-in quote and own-name settlement. Run the list before you send any USDT.
KEY FACTS
| Checks in the list | 10, each pass-or-fail |
|---|---|
| Cost | Free — register and LEI lookups, plus questions to the desk |
| Time needed | About 30 minutes |
| Main source | VARA public register |
| Second source | GLEIF LEI search |
| Meridian licence | VARA VL/24/03/017 |
Source: VARA public register and GLEIF, as of September 2026.
Why verify an OTC desk before sending USDT?
An OTC trade is irreversible on one side: once your USDT leaves your wallet, only the counterparty can pay you. Verification is the single control you hold before that point — our own licence is linked from the licence section of our main page, and every check below is free and takes minutes.
A fake desk looks like a real one until settlement day — same website template, same chat window, same confident tone. What it cannot fake is a register entry, and a desk that will not show its number plainly has already answered the first check.
What are the 10 checks on the OTC desk verification checklist?
The OTC desk verification checklist below has ten checks, each with a pass-or-fail answer. Print it, work top to bottom, and stop at the first fail — a desk that fails one check rarely fails only one.
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CHECK 1
Licence number resolves in the VARA register
Ask for the licence number, then match company name, number and status in the VARA public register. Any mismatch — different spelling, expired status, no entry — is an immediate fail.
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CHECK 2
The licensed activity covers dealing
A register entry alone is not enough: the licensed activity must cover broker-dealer services, not only advisory or transfer services. The one-minute VARA licence check walks through each register field.
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CHECK 3
The LEI resolves to the same legal entity
A Legal Entity Identifier is a 20-character code any serious financial firm holds. Search it in the free GLEIF database and confirm it resolves to the same entity name and a UAE address.
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CHECK 4
The settlement beneficiary matches the licence
The bank account that pays you — or receives your fiat on a buy — must carry the licensed entity's own name. A trading name, a sister company or a "processing partner" in the beneficiary field is a fail.
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CHECK 5
A named dealer handles your trade
Ask who will deal for you: a first and last name, a title, and a company e-mail address. An anonymous "account manager" who exists only in a messenger chat is a fail.
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CHECK 6
The quote arrives in writing
A legitimate desk quotes one all-in price with a stated validity window and sends it in writing before you commit. Verbal quotes and rates that drift between the chat and the fill are a fail.
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CHECK 7
The spread is disclosed before you trade
The desk states its spread up front, in a published band or in the written quote. Our own band is 0.08%–0.40% by ticket size, published on the pricing section — that is what a pass looks like.
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CHECK 8
Settlement is strictly own-name
Fiat must come from the licensed entity's account and land in a bank account in your name; your USDT comes from a wallet you control. Any third-party account offered in either direction ends the trade.
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CHECK 9
There is a physical office you can visit
A licensed desk can name its office and receive you in it. Ours is Office 2704, Almas Tower, JLT, Dubai — a desk with only a PO box or an address that resolves to a coworking lobby deserves a closer look.
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CHECK 10
You receive a written trade confirmation
After the trade you get a confirmation with the trade reference, rate, amount and fees. This document is what your bank asks for when it reviews the inbound transfer.
Where do you verify each check?
Four of the ten checks are lookups you run yourself; the other six are questions you put to the desk in writing. The table lists where each group is verified, and every source is free as of September 2026.
| Checks | Where to verify | A pass looks like | Time |
|---|---|---|---|
| 1–2 · Licence and activity | VARA public register | Name, number, status and broker-dealer activity all match | ~5 min |
| 3 · LEI | GLEIF search | 20-character code resolves to the same entity and UAE address | ~5 min |
| 4, 8, 10 · Settlement and paperwork | Written questions to the desk | Beneficiary name matches the licence; own-name only; confirmation promised | One e-mail |
| 5–7 · Dealer, quote, spread | Written questions; the desk's own site | Named dealer, written all-in quote, disclosed spread band | One message |
| 9 · Office | The desk's site, then a visit | A real office address that receives clients | Minutes |
No check on the list costs money or needs a lawyer — the whole list clears in about half an hour.
What does a failed check tell you?
A failed check means stop, not negotiate. Every pattern in the documented crypto OTC scams in Dubai starts with a desk that cannot pass the register, beneficiary or settlement checks — the checklist is built to catch exactly those failures.
One nuance: a legitimate desk can take a working day to answer the written questions in checks 4, 8 and 10, and that delay is normal compliance, not evasion. Evasion looks different — pressure to trade first and paperwork later, or a countdown timer on a rate that improves every time you hesitate.
What does a desk that passes look like?
A desk that passes the checklist shows its licence number on its own site, answers every question in writing, and settles only to an account in your name. Meridian OTC runs that way by design: licence VL/24/03/017, a published spread of 0.08%–0.40% by size, AED by UAEFTS the same business day and USD by SWIFT in 2–5 business days, on tickets from around 100,000 USDT.
If you want to see the mechanics after the checks pass, our guide on how a bank-settled USDT sale runs end to end covers the same trade from the client's side.
The bottom line on verifying an OTC desk
Ten checks, half an hour, zero cost — and any desk worth your size will pass all ten without being asked twice. Stop at the first fail, keep the written answers, and treat every refusal to verify as the answer itself.
FAQ
Is it free to verify an OTC desk in the UAE?
Yes. The VARA public register and the GLEIF LEI search are free web tools, and the remaining checks are written questions you put to the desk before opening an account. Nothing on the list needs a lawyer or a paid service.
What is own-name settlement?
Own-name settlement means the fiat leg comes from the licensed entity's own bank account and lands in a bank account in your name, while your USDT comes from a wallet you control. Any third-party account in the chain is a fail.
Does a VARA licence guarantee a desk is safe?
No. A VARA licence sets a regulatory floor — supervision, capital and conduct rules, and a channel for complaints — but it does not vouch for a desk's pricing or behaviour. The remaining nine checks test how the desk actually operates inside that floor.
How long does the 10-point checklist take?
About 30 minutes in total. The register and LEI lookups take five minutes each; the rest are questions a legitimate desk answers in writing within one working day.
Trade with a desk that passes all ten checks
Meridian OTC is a VARA-licensed Broker-Dealer in Dubai. Licence VL/24/03/017 in the public register, spread 0.08–0.40% by size, own-name settlement only — AED the same business day, USD in 2–5.
SOURCES
- VARA public register — licence and activity check, accessed 10 September 2026.
- GLEIF — LEI search, accessed 10 September 2026.
- Meridian OTC published pricing bands and settlement policy — this site, 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.