Kraken has announced that it is shutting down its Abu Dhabi headquarters after a month of acquiring a license. The decision to close the Middle East region comes after the exchange laid off 30% of its workforce in November 2022. A Kraken spokesperson shared that the decision to close comes after reviewing its “business lines.”
Cryptocurrency exchange Kraken has announced that it is shutting down its headquarters in Abu Dhabi less than a year after obtaining legal clearance to do business in the area. Kraken closed its office in Abu Dhabi and let go of about eight members of the team responsible for the Middle East and North Africa, or MENA.
However, after reviewing its “business lines,” the exchange chose to close its office and stop supporting the dirham, or AED, according to a Kraken spokesperson who confirmed the closure.
Kraken has decided to shut down its Middle Eastern operations after facing regulatory hurdles in the region. Existing users in the area will still be able to use other fiat currencies to access the platform.
Additionally, some staff will stay in the region, with the Kraken MENA managing director Benjamin Ampen probably departing after the change.