Kraken Wins Major License in Dubai, Binance and OKX to Face New Competition
Kraken acquired preliminary approval from Dubai’s Virtual Assets Regulatory Authority on Thursday. The clearance opens regulated UAE operations and pits the US-based change towards Binance, OKX, and Crypto.com for institutional flows.
The native entity will provide spot, margin, OTC buying and selling, staking, and Kraken Prime entry for institutional purchasers.
New Competition For UAE Institutional Flows
VARA established Dubai as a regulated crypto perimeter early. The authority now lists roughly 49 authorized entities throughout exchanges, brokerages, and custodians.
Major rivals already working embody Binance’s Dubai license, OKX’s Dubai virtual asset authorization, and Crypto.com’s preparatory licensing stage.
Kraken beforehand operated in the UAE earlier than exiting round 2024. The earlier presence included Abu Dhabi exchange approval from ADGM in 2022, however that license sat exterior VARA’s jurisdiction.
The new authorization routes exercise via Dubai, the bigger emirate for crypto-specific regulation. VARA has additionally tightened its license grip on present operators in latest months.
Institutional companies are the battleground. Kraken Prime offers certified purchasers entry to buying and selling, custody, and OTC via a single account.
The product competes with Binance Institutional, OKX Liquid Marketplace, and Crypto.com’s institutional desk in Dubai.
“Dubai wrote a rulebook for crypto earlier than most jurisdictions even acknowledged the asset class. That readability is why actual liquidity and institutional capital now sit in the UAE,” read an excerpt in the announcement, citing Arjun Sethi, Co-CEO of Payward and Kraken.
AED funding launches later in 2026 and might deepen competitors additional. The dirham on-ramp pipes native capital instantly into Kraken’s international order books.
How shortly Kraken converts the preliminary clearance right into a full operational license will form its near-term place towards incumbents.
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