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.
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
Kraken to stop operations in Japan
Kraken to layoff over 1000 employees
Coinbase, Kraken and BitPanda CEOs speak out on FTX crisis
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:
- Twitter Goes Cashless: Elon Musk’s Vision for a One-Stop Shop Platform Takes Shape
- Celsius Crypto Lending Platform Exposed as a Fraud: New York Attorney General Takes Legal Action
- UK Unveils Plans to Regulate Crypto Industry: Government Proposes Measures to Rein in Reckless Business Practices
- NEAR Protocol Thrives Despite Bear Market: A Comprehensive Look
- How Does Bitcoin SV Enable Developers?
