Kraken Shuts Down Abu Dhabi Office Amid Industry Struggles

US Crypto Exchange Cites FTX Collapse and Global Market Downturn as Reasons for Restructuring Operations

Less than a year after securing a license to operate in the region, cryptocurrency exchange Kraken announced on Thursday that it is closing its offices in the UAE capital Abu Dhabi.

- Advertisement -

A spokesperson for the exchange said the decision was taken as Kraken seeks to focus more of its operations following the blow to the digital asset sector from the collapse of FTX, Reuters reported.

The US company has said since last year that it plans to reduce its workforce by 30%, or by around 1,100 employees, as rising interest rates and concerns about an economic downturn have shaken confidence in the cryptocurrency industry.

The collapse of the FTX exchange has exacerbated the problems in the industry, causing a domino effect of bankruptcies, with several large companies having so far filed related petitions with regulators.

Kraken’s decision was first revealed by Bloomberg News.

Meanwhile, in December, Kraken said it would cease operations in Japan, citing market conditions in the country and a weak cryptocurrency market globally.

Read Also

- Advertisement -

Kraken to stop operations in Japan

Kraken to layoff over 1000 employees

Coinbase, Kraken and BitPanda CEOs speak out on FTX crisis

- Advertisement -

Kraken Cryptocurrency Exchange’s OTC Division Announces Acquisition of Circle Trade

Celsius Crypto Lending Platform Exposed as a Fraud: New York Attorney General Takes Legal Action

Previous Articles:

- Advertisement -

Latest

Bitcoin Drops 10% From Highs Amid Quantum Computing Warnings

Bitcoin dropped nearly 10% from its record high, falling close to $103,000 after reaching $112,000 last week. BlackRock warned that advances in quantum computing could...

Czech Justice Minister Resigns Over $45M Bitcoin Donation Scandal

Czech Justice Minister Pavel Blazek resigned after controversy over accepting and selling Bitcoin from a convicted criminal.The Justice Ministry auctioned nearly 500 Bitcoin, raising...

Uniswap (UNI) Rebounds Above $6 After Brief Uptrend Breakdown

Uniswap's UNI token dropped below its key uptrend line following a failed hold above the $6.00 support level.High trading volumes accompanied the decline, including...

Michael Saylor Invites Joe Rogan to Discuss Bitcoin on Podcast

Michael Saylor has shown interest in discussing Bitcoin on The Joe Rogan Experience podcast.The idea has generated excitement in the Bitcoin community, with some...

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

Must Read

7 Best Crypto To Invest In This Year

Investing in cryptocurrencies has become a popular way for people to diversify their investment portfolio and make potential profits.However, with so many cryptocurrencies available...