Aurora-Coins Analyst Predicts the Future of Cryptocurrency Exchanges in the UAE; Kraken on the Rise?

London, UK – Cryptocurrencies have been a hot topic of discussion in recent years. With the rise of Bitcoin and other digital currencies, there is a lot of interest in this new asset class. However, there is also a lot of confusion about cryptocurrencies and how they work. Cryptos have gained a reputation for being volatile and risky, but they also have the potential to provide significant returns. Aurora-Coins Broker Victor Moran thinks that inexperienced and less knowledgeable traders may be a part of the reason why some people are hesitant to invest in cryptocurrencies. However, there are also a number of adults who are cryptocurrency investors and who have made a lot of money from their investments.

Why are Crypto exchanges in the news?

Cryptocurrency exchanges have been in the news recently due to their high demand and rising popularity. A cryptocurrency exchange is a platform where people can buy, sell, or trade cryptocurrencies. These exchanges have become increasingly popular in recent years as more people have become interested in investing in cryptocurrencies. This popularity has also led to a number of exchanges being hacked and losing customer funds. This has made some people hesitant to use exchanges, but there are still a number of benefits to using them.

One of the main benefits of using a cryptocurrency exchange is that it allows you to buy, sell, or trade a variety of different cryptocurrencies. This can be significantly helpful if you want to diversify your investment portfolio. You can also use exchanges to trade between different fiat currencies and cryptocurrencies. For example, you can trade US dollars for Bitcoin or Ethereum. Fiat currencies are traditional government-issued currencies, such as the US dollar, Euro, or Japanese Yen.

Cryptocurrency exchanges are also helpful because they provide a way to store your cryptocurrencies. Many exchanges offer wallet services, which allow you to store your coins on the exchange’s servers.


Kraken, a cryptocurrency exchange that is based in San Francisco, is opening an office in Abu Dhabi after obtaining a complete license to trade on a regulated platform in the UAE. “We’re ecstatic to be able to set up our operations right in the ADGM [Abu Dhabi Global Market] so that we can provide Dirham pairs for investors throughout the region,” Curtis Ting, Kraken’s managing director for Europe, the Middle East, and Africa.

Victor Moran told us that this means that now Kraken will become the first cryptocurrency exchange to offer direct funding and trading in UAE dirhams against bitcoin, ether, and a range of other virtual assets, after gaining regulatory approval from the ADGM and Financial Services Regulatory Authority for its local launch. “For us, it’s critical to make sure investors and traders in the region have access to local currencies by allowing them to use those assets as a global currency,” Ting added.

The firm, which was founded in 2011 and operates across 60 countries, claims that the launch of its operations in the UAE represents a broader entry into an increasingly lucrative market. According to Chainalysis, the Middle East is one of the world’s fastest-growing cryptocurrency markets, accounting for 7% of global trading volumes. The UAE has a cryptocurrency market worth $25 billion each year. According to Chainalysis data, which was studied between July 2020 and June 2021, it ranks third by volume in the region, behind Lebanon (about $26 billion) and Turkey ($132.4 billion).

The other side

Moran also said, “I agree that the regulatory environment in the UAE is much more favorable than many other countries in the region. The ADGM has been one of the most forward-thinking financial regulators when it comes to cryptocurrencies and blockchain technology. This, in turn, has helped to attract several cryptocurrency exchanges and companies to the region. But Binance is already enjoying an almost operational presence in the UAE, so Kraken will face some serious competition.”

Binance was recently given permission to operate in Abu Dhabi, and the firm plans to hire over 100 people there. Bybit was also given the go-ahead to establish a headquarters in Dubai last month, while FTX was granted a virtual-asset license in Dubai and will soon create a regional headquarters just recently. These exchanges will compete with Kraken for market share.

While the Emirates is attracting some of the world’s largest cryptocurrency enterprises, it is also coming under increased international criticism for failing to adequately combat illegitimate money flows. Russian investors have reportedly inundated crypto firms in the UAE with requests to sell billions of dollars of virtual currency as they seek a secure haven for their money, including within Dubai’s real estate sector, amid the Ukraine conflict.

All of this and much more are ahead for cryptocurrency exchanges in the UAE as they vie for a share of the market. With so many players jockeying for positions, it will be interesting to see how things shake out in this rapidly growing and evolving industry.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.

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