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Kraken, a leading cryptocurrency exchange, has closed its Abu Dhabi headquarters less than a year after being awarded a local license. This move is part of a larger downsizing that will see the company lay off over a third of its workers worldwide. Kraken terminated a significant majority of its team members centered primarily in the Middle East and North Africa, which impacted approximately eight roles.
Kraken Winds Up UAE Operations
The crypto exchange has discontinued its service for transactions conducted in the United Arab Emirates currency, however, customers located in the region will still be able to make use of the platform. A representative of the exchange stated that any deposits made by customers denominated in dirhams would be translated into dollars automatically before being made available for withdrawal. In addition, customers can continue to use any other fiat currency that Kraken presently supports.
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As a result of the volatility that transpired in the cryptocurrency markets in 2022, a wave of layoffs occurred across the industry. Companies such as Kraken, Coinbase Global Inc., Crypto.com, and Gemini all announced extensive cost-cutting initiatives. Although the prices of digital tokens have shown some improvement so far in 2023, trading volumes continue to be low, which is harming the profitability of exchanges.
Kraken’s Dwindling Growth
Binance rival Kraken has scaled back its global expansion goals, and even ceased all of its activities in Japan last month. In response to “current market conditions,” the company declared at the end of November that it intended to reduce its global staff by thirty percent, which would amount to approximately 1,100 individuals.
Kraken plans to keep a few staff headquartered in MENA. According to the spokesman, Benjamin Ampen, Kraken’s managing director for the region, will remain with the company to assist with the transition but will most likely leave the company after it is completed. A registrar for the Abu Dhabi Global Market, where Kraken was granted a cryptocurrency license in April of last year, no longer reflects an operating business in the name of the company.
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