Kraken, an exchange company Cryptocurrency It has closed its Abu Dhabi office less than 12 months after receiving regulatory approval to operate in the region.
According to a Feb. 2 report from Bloomberg, Kraken hasturn offOffice in Abu Dhabi It has laid off about eight employees in its Middle East and North Africa, or MENA, team. which affects many crypto companies
A spokesperson for Kraken confirmed the shutdown. It said the exchange had decided to close its offices and suspend support for the dirham or AED after reviewing it. Users in the region will still be able to access the platform using other fiat currencies.
Several employees remain in the area, the report said, with Kraken MENA managing director Benjamin Ampen likely leaving following the changeover.
Kraken only pulled out of Japan on Jan. 31, and this marks the second time the exchange has pulled out of Asia, citing “current market conditions in Japan” and “weak crypto markets around the world.”
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