Cryptocurrency exchange Kraken has closed its Abu Dhabi offices less than a year after obtaining its license in Abu Dhabi, a spokesman said Thursday — even as UAE institutions like Commercial Bank of Dubai leaned further into fintech.
The U.S.-based company announced last year that it would cut its workforce by 30% — even as Dubai pressed ahead with milestones like its first tokenized money fund —, or about 1,100 jobs, after rising interest rates and concerns about a recession clouded sentiment toward crypto.
FTX’s decline has also dropped dominoes across the industry as several large companies filed for bankruptcy protection in recent months.
The Kraken’s move was first reported by Bloomberg’s news.
In December, Kraken also announced that it would suspend operations in Japan — even as Asia’s crypto influence kept rising —, citing market conditions in Japan and the global cryptocurrency market slump.
