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Kraken to close Abu Dhabi office: report

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Cryptocurrency exchange Kraken has reportedly closed its offices in Abu Dhabi less than 12 months after receiving regulatory approval to operate in the region.

According to a Bloomberg report on February 2, Kraken closure Closed its Abu Dhabi office, laying off around eight people from its team focused on the Middle East and North Africa (MENA).exchange already License to provide services At Abu Dhabi Global Market and Abu Dhabi Global Market since April 2022 – before the market downturn affected many cryptocurrency companies.

As part of the shutdown, Kraken reportedly suspended support for transactions in the local dirham currency. However, existing users in the region can still access the platform using other fiat currencies. Several employees will also reportedly remain in the region, with Kraken MENA managing director Benjamin Ampen likely to leave following the transition.

The Middle East move reportedly follows Kraken’s November announcement plan layoffs 30% – over 1,000 people – are trying to survive the crypto winter. Kraken co-founder Jesse Powell described the layoffs as bringing the exchange back to its original size as it rapidly expands in 2021.Powell announced in september He plans to step down as chief executive but remain chairman of the board.

related: Kraken Cryptocurrency Exchange Will Close Its Doors to Russian Users

Kraken also Withdraw from Japan As of Jan. 31, this is the exchange’s second exit from a major Asian economy since April 2018. The firm said in December that the move was part of a resource allocation, citing “current market conditions in Japan” and “weakness in the cryptocurrency market” globally. “

Cointelegraph reached out to Kraken but had not heard back by the time of publication.