Kraken Shuts Abu Dhabi Office
- Kraken announced a massive job cut in November.
- The crypto exchange recently announced its plans to exit the Japanese market for the second time.
- Kraken and other crypto exchanges have suffered huge losses from FTX’s collapse.
A Kraken spokesperson confirmed on Thursday that the cryptocurrency exchange has closed its Abu Dhabi office less than a year after receiving a license to operate in the region. Kraken now plans to increase its focus following FTX’s surprising collapse. According to reports, some Kraken employees will remain in the Middle East and North Africa. However, regional managing director Benjamin Ampen is expected to leave.
Kraken’s decision to shut down its operation in Abu Dhabi comes months after it announced plans to lay off more than 1,000 employees to survive the crypto winter. Kraken also announced its departure from Japan.
The exchange, via a blog post, said it would stop offering crypto trading services through its Japanese subsidiary, Payward Asia. Kraken also noted that it would deregister from Japan’s Financial Services Agency. The announcement marks the second time Kraken has exited Japan, with the first coming in 2018.
Kraken said the decision was “part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long term success.” Kraken joins a long list of high-profile cryptocurrency companies in adjusting their growth strategy to market conditions.