Crypto Exchanges Compete For Middle East – Kraken Gets License To Operate In UAE

US-based crypto exchange Kraken gets a license to operate a virtual asset platform in the UAE.

During a new interview with CNBC, Kraken Managing Director Curtis Ting was asked what kind of volume the exchange was expecting to see from the region.

“I think it’s a really exciting time for that particular part of the region of the world. I think it’s anywhere between six to seven percent of global currency trading volume is happening right out of the Gulf region,” he said.

He continued and explained the following:

“If I remember correctly from recent figures, the UAE itself is second only to Turkey in [crypto trading] volume. I think you’re seeing something like a $25 billion USD volume occurring on an annual basis out of the UAE. That’s quite significant. I think it points to the fact that the region is ready and they’ve been waiting for a regulated offering like ours.”

Kraken recently gained a license to operate a virtual assets platform in the region by the Abu Dhabi Global Market (ADGM), an Abu Dhabi-based regulator.

“We’re incredibly excited to be able to set up our operations right in the ADGM itself to operate a virtual asset platform that finally offers dirham pairs for investors in the region…”

It’s also important to note the fact that Binance, the world’s largest crypto exchange, was also granted a license “in principle” to operate in the region two weeks ago.

Speaking of Binance, not too long ago, we revealed that Binance decided that it’s time to curb services for Russians following the latest EU sanctions amidst the Russia-Ukraine war.

An official blog post coming from Binance begins by stating that following the EU’s fifth package of restrictive measures against Russia, “Binance is required to limit services for Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR.”