Kraken, the leading cryptocurrency exchange, closed its head office in Abu Dhabi less than a year after obtaining a local license plate. The move is part of a larger layoff at the company, which will lay off more than 1/3 people worldwide. Kraken laid off most of its team members, mainly in the Middle East and North Africa, seriously affecting about eight personas.

Kraken completes Dubai business process

Access to the password exchange has stopped online transactions in UAE currency, but customers in the region will still be able to use the site. A member of the exchange means that all savings denominated in dirhams will also be automatically converted into dollars before they can be obtained. In addition, customers can normally use any other currency encouraged by Kraken at this stage.

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Because of the fluctuation of the cryptocurrency market in 2022, there has been a wave of layoffs in the whole market. Companies such as Kraken, Coinbase Global Inc., Crypto.com and Gemini have all announced general cost-cutting measures. Although there has been some improvement in the price of data OTP since 2023, the trading volume is still relatively low, which has endangered the operating capacity of the exchange.

Kraken continues to shrink growth

Binance competitor Kraken has already scaled back its overall global expansion goal, even suspending all theme activities in Japan last month. In response to "the current state of the market", the company announced at the end of November that it planned to lay off 30 per cent of its workforce worldwide, equivalent to about 1100.

Kraken plans to have some of its employees headquartered in the Middle East and North Africa. According to the spokesman, Benjamin Aberdeen, the chief executive of Kraken, who is responsible for the region, will stay at the company to help with the convergence, but is likely to leave the company after the convergence is over. In April last year, Kraken won the cryptocurrency license plate in the global sales market in Abu Dhabi, where a registrar will no longer reflect the production and operation activities of the company.