Cryptocurrency exchange Kraken has closed its Abu Dhabi office less than a year after receiving a license for the region, a spokesman said on Thursday, as the firm seeks to sharpen its focus after FTX's bankruptcy rocked the digital assets industry.
The U.S.-based company said last year it would cut 30% of its workforce, or about 1,100 employees, as rising interest rates and recession fears sapped confidence in cryptocurrencies.
The fall of FTX also caused the dominoes of the entire industry to fall, and several large companies have filed for bankruptcy protection in recent months.
Kraken’s move was first reported by Bloomberg. In December, Kraken also said it would cease operations in Japan, citing market conditions in the country and weakness in the global cryptocurrency market.
