Crypto exchange Kraken decided to lock the doors of its Abu Dhabi office.
Kraken, a United States–based cryptocurrency exchange and bank established in 2011, is reportedly closing down its Abu Dhabi office.
According to the Bloomberg report shared on February 2nd, the shutdown of Kraken’s Abu Dhabi office affected at least eight roles focused on the Middle East and North Africa (MENA) region.
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However, Kraken is not fully retreating from the Abu Dhabi and MENA regions. The company noted that it is set to keep several employees in the area. Kraken’s MENA managing director Benjamin Ampen will reportedly leave the company after Kraken shuts down its Abu Dhabi office.
It is worth noting that the move comes less than a year after the crypto exchange received a license to operate in Abu Dhabi Global Market and the Abu Dhabi international financial center. Local authorities granted a license to Kraken in April 2022.
On top of shutting down its Abu Dhabi office, Kraken is also halting the support for transactions made in the United Arab Emirates currency, the dirham. The company reportedly noted that all deposits made in UAE dirham will be automatically converted to US dollars.
When commenting on the matter, Kraken’s spokesperson highlighted that customers could use other Kraken-supported fiat currencies to make their deposits.
Kraken started removing itself from various regions back in 2022. At the end of December, the crypto exchange announced its plans to halt services in Japan. The company ceased operations and deregistered from the Financial Services Agency in Japan on January 31st, 2023.
At that time, the company claimed that the move came after Kraken decided to “prioritize resources and investments” in areas that align with Kraken’s strategy and aim of long-term success.
Moreover, at the beginning of December, Kraken revealed that it plans to cut down 30% of its global workforce to adapt “to current market conditions.”
