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Kraken to close Abu Dhabi office: report

Published on

February 2, 2023
Read Time:1 Minute, 27 Second

Cryptocurrency change Kraken has reportedly closed its Abu Dhabi workplace lower than 12 months after receiving regulatory approval to function within the area.

In response to a February 2 Bloomberg report, Kraken shut down its Abu Dhabi workplace and laid off roughly eight members of the workforce targeted on the Center East and North Africa or MENA. The change had been licensed to supply providers within the Abu Dhabi Worldwide Monetary Heart and Abu Dhabi International Market since April 2022 – earlier than the market downturn affected many crypto corporations.

As a part of the shutdown, Kraken has reportedly stopped supporting transactions within the native dirham forex. Nonetheless, current customers within the area will nonetheless have entry to the platform with different fiat currencies. A number of workers may even reportedly stay within the area, with Kraken MENA chief govt Benjamin Ampen more likely to depart after the transition.

The reported transfer to the Center East adopted Kraken's announcement in November that it might reduce its workforce by 30% -- greater than 1,000 folks -- to climate the crypto winter. Kraken co-founder Jesse Powell described the layoffs as returning the change to its 2021 measurement when it was quickly increasing. Powell introduced in September that he would step down as CEO however stay as chairman of the board.

Associated: Kraken crypto change is near Russian customers

Kraken additionally pulled out of Japan on Jan. 31, marking the change's second pullback from the massive Asian financial system since April 2018. The corporate stated in December the transfer was a part of useful resource allocation, citing "present market circumstances in Japan". and a “weak crypto market globally.”

Cointelegraph reached out to Kraken however acquired no response on the time of publication.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 2, 2023
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