Cryptocurrency exchange Kraken has announced that it is closing its Abu Dhabi office in addition to global layoffs as it shrinks.
Cryptocurrency exchange Kraken has announced that it is closing its Abu Dhabi office. In its statement, the company added that trading in local currency will cease and there will be layoffs.
Kraken Closes Abu Dhabi Office During Downsizing
Cryptocurrency exchange Kraken has decided to close its Abu Dhabi office in less than a year, despite having a local licensee as part of laying off nearly a third of its global workforce.
A spokesperson said Kraken has laid off the majority of its team focused on the Middle East and North Africa, affecting almost eight roles. The Abu Dhabi Global Market registry, for which Kraken obtained a crypto license last April, no longer shows an active presence on behalf of the company.
The exchange also announced that it is suspending support for transactions in the currency of the United Arab Emirates. Even though the company has withdrawn from the region, customers in the region will still be able to use the platform.
Additionally, the spokesperson said in a statement that customer deposits in dirhams will be automatically converted into dollars and can be withdrawn later. Customers will also be able to continue to use other fiat currencies Kraken supports.
