Kraken back again in UAE through its parent company’s VARA approval

Payward, a unified financial infrastructure platform and the parent company of Kraken, has received an in principle approval for a license through Dubai’s Virtual Asset Regulatory Authority for a crypto broker service, investment and management offering.

As per the press release, Kraken, one of the world’s longest-standing and most liquid cryptocurrency platforms, now has the regulatory go-ahead to offer a full range of services in Dubai. This will include spot, margin, and OTC trading, staking, and access to Kraken Prime for institutional clients, as well as crypto transfers between users through Krak.

UAE traders will be able to access Kraken’s global orderbooks, which have deep liquidity and reliable execution across major markets in Europe, the US, and APAC. Through a locally regulated Payward subsidiary, clients will also be able to fund and withdraw AED currency, giving secure, frictionless access to global crypto markets through a trusted, regulated on-ramp.

“Dubai wrote a rulebook for crypto before most jurisdictions even acknowledged the asset class,” said Arjun Sethi, Co-CEO of Payward and Kraken. “That clarity is why real liquidity and institutional capital now sit in the UAE. Operating under VARA puts Kraken inside that perimeter, serving clients through a local, supervised entity rather than from offshore.”

This launch is part of Payward’s broader global growth strategy to establish regulated, on-the-ground operations in key financial centers. By connecting new markets to its core trading network, Kraken gives clients access to premium execution, deep liquidity and a consistent high standard of service worldwide.

Sethi continued, “Clients in the UAE get the same order book, the same balance sheet, and the same multi-asset coverage we run in every other market. The difference is the rulebook is written down and the supervisor is local. That is what a license should mean.”

Kraken will introduce its Buy, Trade and Earn products to the UAE, offering direct access to spot trading and staking, subject to regulatory approval. Over time, Kraken will expand its offering to include derivatives, lending and new investment products for qualified clients.

Kraken now joins other leading crypto exchange players such as OKX, Binance, Crypto.com and Deribit into the MENA region through the UAE.

In 2023 Kraken had announced that it had received a license from ADGM in Abu Dhabi, but since then the license has been dissolved. Kraken had been the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to service the needs of the Middle East and North Africa region.

Kraken in 2023 had closed three offices which included offices in San Francisco, Japan and UAE. It now seems Kraken is back.