Kraken Prepares Dubai Comeback After Two-Year UAE Exit

From ADGM Exit to VARA Re-Entry

Kraken first entered the UAE in April 2022, when it became the first global exchange to be licensed by Abu Dhabi Global Market (ADGM). Less than a year later, on 2 February 2023, the exchange ceased its Abu Dhabi operations, citing global market conditions and industry consolidation.

Now, just over two years later, Kraken is shifting its focus to Dubai, where VARA has established itself as a dedicated regulator for virtual assets and an increasingly attractive hub for global players. The exchange’s new compliance recruitment suggests that Kraken back to UAE is no longer speculation but a process already in motion.

Compliance Comes First

For any firm applying under VARA, the appointment of a compliance officer is a mandatory first step—without it, no application can progress to IPA. By seeking to fill this role, Kraken demonstrates not just interest but concrete progress toward a formal application.

As of today, Kraken does not yet appear on VARA’s public register of licensed entities, which currently lists 36 licenses, more than 25 of them broker-dealer licenses.

New License or Acquisition?

What remains unclear is whether Kraken will seek a New license—as it did with ADGM—or whether it will move more quickly by acquiring an existing licensed entity.

Some of the firms already licensed under VARA remain largely inactive in the market, even if they appear operational on the public register. For Kraken, this opens the possibility of re-entering the UAE through an acquisition, leveraging a dormant license for a faster launch.

Kraken Expands Globally

While working to re-establish itself in the UAE, Kraken is also expanding on a global scale. In September, the exchange acquired Breakout, a proprietary trading platform that funds traders on Kraken Pro—underscoring its push to strengthen trading infrastructure and broaden product offerings.

Dubai’s Expanding Ecosystem

Kraken’s renewed push comes at a time when Dubai is consolidating its position as the region’s crypto hub. Exchanges including Binance, OKX, and Crypto.com have already secured licenses, while custodians and infrastructure providers are also building operations under VARA’s oversight.

If Kraken’s application proceeds, its return would not only mark a second chance in the UAE, but also reinforce Dubai’s growing appeal to established global exchanges.

The Pulse

Kraken’s hiring move is not an official announcement—but it is a strong signal. The coming months will show whether the exchange pursues a fresh start or the acquisition route. Either way, all eyes will now be on VARA’s register to see when Kraken officially reappears in the UAE market.