Kraken is one of the most well-known and widely used cryptocurrency exchange platforms in the United States. It recently received an FSP license from the Abu Dhabi Global Market (ADGM).

Due to the ADGM’s approval of Kraken, the first US exchange platform can now operate in the Financial Free Zone. An exchange program for licensed for virtual assistants.

Kraken satisfied all of the prerequisites to operate as a multilateral trading facility. It has now officially established their Middle East headquarters in Abu Dhabi. Curtis Ting said AED markets would emerge quickly. Done with the help of Kraken’s industry-leading crypto products ecosystem.

We’ve got staking, spot markets for more than 120 different crypto assets, and regulated futures.”

Customers Alternative for Exchanging Currency

Customers of the Kraken exchange now have a new exchange choice thanks to the UAE license. The United Arab Emirates, Kraken will allow customers to invest, trade, withdraw and deposit virtual assets. Done directly in dirhams. As a result, Kraken’s 8 million global users will be able to use the local currency. Only in Abu Dhabi and Dubai. Helping them to achieve their goal of facilitating global liquidity and market access.

International Delegates Flock to Middle East

By volume, the United Arab Emirates is third in the Middle East after Saudi Arabia and UAE. Many other exchanges are aiming to adopt a more “progressive” approach to bitcoin trading. This is because of the region’s rapid growth as a cryptocurrency sector.

One of the world’s top exchanges by trading volume is Binance. It has begun to establish a foothold in the Middle East, for example. The United Arab Emirates gave it the go light to begin operations earlier this year. Also, it will be looking to fill employees in Dubai. Also, a new Dubai headquarters for Bybit and FTX received permission to open in March of 2022. Both companies want to operate in the country as virtual asset providers. Additionally, Crypto.com and BitOasis are two more exchanges looking to expand into the Middle East in the near future.

Conclusion

Kraken is a virtual currency trading platform that received a license. And received a full financial license. Also, this allows the to pave its the way for additional investment opportunities and global liquidity for its customers.

Also, many well-known exchanges are setting up shop in the Middle East. As a result of the region’s more progressive attitude toward cryptocurrencies and its pro-regulation stance.

“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiaries.”