Crypto exchange Kraken closed its Abu Dhabi office less than a year after obtaining a local license, as part of a downsizing that involves cutting nearly a third of its global workforce. Kraken laid off most of his team focused on the Middle East and North Africa, affecting about eight positions, a spokesman said. A record for the Abu Dhabi Global Market, where Kraken received a cryptocurrency license last April, it no longer shows an active entity in the name of the company. The exchange discontinued support for transactions in the United Arab Emirates currency, but customers in the region will still be able to use other products and services. That doesn’t require a local license, the spokesperson said. The turmoil in the crypto markets last year sparked a wave of layoffs across the industry, with Kraken, Coinbase Global, Crypto.com, and Gemini announcing sweeping cost-cutting efforts. While digital token prices have regained some ground so far in 2023, volumes remain thin, hurting exchange revenue. Kraken plans to keep several employees at MENA and Benjamin Ampen, managing director for the region, will remain with the company. Like Coinbase, Kraken has reversed plans for global expansion, shutting down its operations in Japan late last month. In late November, the company announced plans to cut 30% of its global workforce, equivalent to approximately 1,100 people, in response to “current market conditions.” —Ben Bartenstein and Emily Nicolle, Bloomberg News
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