Kraken closes Abu Dhabi branch, delisting dirham (AED)

Less than a year after receiving the required authorization for the region, cryptocurrency exchange Kraken has closed its Abu Dhabi branch.

According to a February 2 Bloomberg article, Kraken is closing its office in Abu Dhabi and firing eight staff members who were specifically in charge of the MENA region (the Middle East and North Africa) from this location. Only in April 2022 did the cryptocurrency exchange receive authorization to conduct business in the Abu Dhabi International Financial Center and the Abu Dhabi Global Market.

A spokesman for Kraken confirmed the closure to Cointelegraph in a statement and added that the dirham (AED), the national currency of the Arabs, will also be delisted concurrently. After all, current users from the area should still have access to the cryptocurrency trading platform, but they will only be able to transact in foreign currencies. Director Benjamin Ampen will be withdrawn, but some office personnel should stay in the area.

The closure in the Middle East should not come as a surprise since Kraken previously disclosed in November that a total of nearly 30% of the workforce, i.e. e. To survive the ongoing crypto winter, more than 1,000 employees would need to be let go. In this context, Kraken co-founder Jesse Powell acknowledges that before the exchange could grow quickly, it would first contract to its size in 2021. Powell announced his own resignation as CEO in September; however, he will continue to serve on the board of directors for the cryptocurrency company.

On January, Kraken left Japan as well. After leaving the island nation once in April 2018, the cryptocurrency exchange left again on December 31. The company cites the challenging environment on the crypto market in Japan and the rest of the world as a deciding factor once more.

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