Kraken shuts down Abu Dhabi office: Report

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Several Kraken employees volition reportedly stay successful the Middle East and North Africa, with determination managing manager Benjamin Ampen apt to permission pursuing the transition.

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Cryptocurrency speech Kraken has reportedly closed its bureau successful Abu Dhabi little than 12 months aft receiving regulatory support to run successful the region.

According to a Feb. 2 study from Bloomberg, Kraken shut down its Abu Dhabi office, laying disconnected astir 8 radical connected the squad focused connected the Middle East and North Africa, oregon MENA. The speech had been licensed to connection services successful the Abu Dhabi planetary fiscal halfway and Abu Dhabi Global Market since April 2022 — anterior to the marketplace downturn affecting galore crypto firms.

As portion of the shutdown, Kraken reportedly suspended enactment for transactions successful the section dirham currency. However, existing users successful the portion volition inactive person entree to the level utilizing different fiat currencies. Several employees volition besides reportedly stay successful the area, with Kraken MENA managing manager Benjamin Ampen apt to permission pursuing the transition.

The reported determination successful the Middle East followed Kraken announcing successful November it planned to chopped its workforce by 30% — much than 1,000 radical — successful an effort to past the crypto winter. Kraken co-founder Jesse Powell described the layoffs arsenic taking the speech backmost to its size successful 2021, erstwhile it rapidly expanded. Powell announced successful September that helium planned to measurement down arsenic CEO but enactment connected arsenic committee chair.

Related: Kraken crypto speech is adjacent to adjacent doors to Russian users

Kraken besides pulled retired of Japan arsenic of Jan. 31, marking the 2nd clip the speech withdrew from the large Asian system since April 2018. The steadfast said successful December that the determination was portion of assets allocation, citing “current marketplace conditions successful Japan” and a “weak crypto marketplace globally.”

Cointelegraph reached retired to Kraken, but did not person a effect astatine the clip of publication.

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