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Alternative Assets  + Crypto  + Crypto  + Markets  |  May 23, 2025
Hidden Road Gains UAE Regulatory Approval 
Joe Palmisano
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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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