Kraken is the first crypto exchange to receive a financial services permission (FSP) license required to operate a regulated crypto exchange platform in the United Arab Emirates. Binance, one of Kraken’s chief competitors, could be granted an FSP soon, having already obtained in-principle approval.
Kraken is expected to launch a trading platform that supports the UAE’s native currency, the dirham (AED). The platform will operate alongside Kraken’s existing “ecosystem of crypto products,” said Curtis Ting, the EMEA managing director at Kraken.
Kraken has also established an office in the Abu Dhabi Global Market.
In recent weeks, the exchange has announced they were closing their global headquarters in San Francisco over safety concerns after multiple employees were harassed and robbed on their way to and from the office.
For now, the Abu Dhabi office will serve as Kraken’s regional office as Kraken has made no plans to establish a new global headquarters.