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Alternative Assets  + Crypto  + Crypto  + Markets  |  May 23, 2025
Hidden Road Gains UAE Regulatory Approval 
By: Joe Palmisano

Hidden Road Gains UAE Regulatory Approval 

Hidden Road, the crypto prime broker acquired by Ripple in April, has strengthened its Middle East presence by obtaining in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The approval, granted to Hidden Road Partners CIV (AD), paves the way for the firm to operate as a regulated financial services provider in the UAE. 

Upon full approval, Hidden Road will offer clearing and prime brokerage services for both traditional and digital asset products to institutional investors in the UAE. 

“Receiving our IPA from ADGM marks a significant milestone for our business,” said James Stickland, UAE CEO, Hidden Road. “ADGM’s high regulatory standards make it a key market for institutional growth.” 

Ripple’s $1.25 billion acquisition of Hidden Road, one of the crypto industry’s largest deals, involves cash, XRP tokens, and equity, with closure expected soon. Hidden Road, which clears $3 trillion annually across markets and serves over 300 institutional clients, aims to expand its client base with Ripple’s support. 

This UAE approval follows Hidden Road’s recent FINRA authorization to operate as a broker-dealer in the U.S., marking its second regulatory milestone since the acquisition. 

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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