Crypto Exchange Kraken Granted License to Operate in Abu Dhabi

Crypto Exchange Kraken Granted License to Operate in Abu Dhabi

US-based cryptocurrency exchange Kraken received a full license to operate a regulated trading platform in Abu Dhabi, and has set up its regional headquarters in the city. 

Kraken will become the first cryptocurrency exchange to provide direct funding and trading in UAE dirhams against bitcoin, ether and a range of other cryptocurrencies, after gaining regulatory approval from the Abu Dhabi Global Market (ADGM) and Financial Services Regulatory Authority for its local launch.  The firm that is considered one of the world's biggest cryptocurrency exchanges is supposed to commence operations during the Q2 or Q3 of this year, according to Dhaher bin Dhaher, CEO of ADGM’s Registration Authority. 

Launched in 2011, Kraken today operates in over 60 countries and has more than 8 million users globally.