The firm has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of ADGM.
Among other things, the deal is expected to strengthen Ripple’s stablecoin ambitions.
The company is being advised by FT Partners, the sources said.
A total of 10-15 people have left the business recently, two sources said.
Strugats was based in New York and had worked for the crypto trading firm for more than three years.