Kraken to Open its Regional HQ in Abu Dhabi Following Regulatory Approval

US-based cryptocurrency exchange Kraken is expanding into the Middle East and will open its regional headquarters in Abu Dhabi after gaining regulatory approval from the country’s ADGM and Financial Services Regulatory Authority. The firm is expected to start operations during the second or third quarter, according to Dhaher bin Dhaher, Chief Executive Officer of Abu Dhabi Global Market’s Registration Authority. With this, Kraken becomes the first crypto exchange to offer withdrawal, trading, and deposit virtual assets directly against UAE dirhams. Binance, the world’s largest cryptocurrency exchange by trading volume, had received in-principle approval from ADGM to operate as a broker-dealer in virtual assets after the firm got a license to operate in Dubai a month prior. Similarly, rival firm FTX too received a virtual asset service provider license in Dubai last month and is also planning to set up a regional headquarters in the city. BitOasis, the first virtual asset service provider to be recognized in the country, also secured provisional approval from the regulatory body. Similarly, Bybit and Crypto.com are also expanding their presence. The UAE is the Middle East’s third-largest crypto market, just behind Turkey and Lebanon, with a transaction volume of about $26 billion, according to data from Chainalysis from July 2020 to June 2021.The post Kraken to Open its Regional HQ in Abu Dhabi Following Regulatory Approval fir...