Kraken to Close its Abu Dhabi Office After Operating for Less than a Year

The American crypto exchange, Kraken, has shut down its Abu Dhabi office less than a year after gaining regulatory approval to operate in the UAE. <img alt="" src="https://miro.medium.com/v2/resize:fit:700/0*dL8YIpORYsV6AJP5" style="height:467px; width:700px" /> Source: Pixabay.com Crypto exchange Kraken has wound down operations in its Abu Dhabi office after less than a year in the UAE. The exchange has also suspended support for transactions in the UAE Dirham currency. But its users in the region will still be able to access the platform with their balances automatically converted from Dirhams to US dollars, which can still be withdrawn alongside other fiat currencies it supports. <a href="https://www.bloomberg.com/news/articles/2023-02-02/crypto-exchange-kraken-shuts-abu-dhabi-office-cuts-jobs" rel="noopener ugc nofollow" target="_blank">According to</a> Bloomberg, the office closure is part of Kraken’s retrenchment plans announced <a href="https://medium.com/@CryptoSavingExpert/kraken-to-layoff-30-of-its-workforce-as-crypto-winter-bites-f0a388971035" rel="noopener">last November</a> that involve downsizing its global staff by almost a third. The US-based crypto exchange also laid off most of its team in the Middle East and North Africa (MENA), affecting about eight roles. <a href="https://medium.com/@CryptoSavingExpert/kraken-to-close-its-abu-dhabi-office-after-operating-for-less-than-a-year-796cd0f2845d">Learn More</a>