Kraken, a cryptocurrency exchange, closed its office in Abu Dhabi not long after obtaining a license there. A representative from the company spoke about the decision, which was made as Kraken aims to refocus following FTX’s bankruptcy and the impact it had on the digital assets industry.
The US-based firm had already announced plans to downsize its workforce by 30% or roughly 1,100 employees, due to increasing rates and concerns over a potential economic slowdown, which has dampened enthusiasm for cryptocurrencies. FTX’s failure has had a chain reaction throughout the industry, causing several major players to seek bankruptcy protection, according to Reuters. In addition, Kraken announced in December that it would be halting its operations in Japan, due to the challenging market conditions in the country and a declining global cryptocurrency market.
