Kraken Wins Major License in Dubai, Binance and OKX to Face New Competition

Kraken has secured preliminary approval from Dubai's Virtual Assets Regulatory Authority (VARA), allowing the exchange to re-enter the UAE market with offerings including spot trading, margin, OTC, and staking. This move positions Kraken to compete directly with established players such as Binance, OKX, and Crypto.com for institutional crypto flows.

The approval specifically authorizes Kraken to provide institutional services through its Kraken Prime platform. By moving into the VARA-regulated perimeter, Kraken aims to leverage Dubai's clear crypto framework. While the exchange previously operated under an Abu Dhabi license, this new authorization focuses on Dubai, with plans to introduce AED funding later in 2026 to facilitate local capital integration.

(Source：BeInCrypto)