The crypto exchange Kraken has shut its Abu Dhabi office less than a year after winning a local license, part of a retrenchment that involves cutting almost a third of its global workforce. Kraken laid off the majority of its team focused on the Middle East and North Africa, affecting about eight roles, a spokesperson said. A registry for Abu Dhabi Global Market, where Kraken received a crypto license last April, no longer shows an active entity in the company’s name. The exchange has suspended support for transactions in the United Arab Emirates’s currency, but clients in the region will still be able to use other products and services. That doesn’t require a local license, the spokesperson said. Turmoil in crypto markets last year prompted a wave of layoffs across the industry, with Kraken, Coinbase Global, Crypto.com and Gemini announcing sweeping cost-cutting efforts. While prices of digital tokens have regained some ground so far in 2023, volumes remain thin, hurting exchange revenues. Kraken plans to keep several employees based in MENA and Benjamin Ampen, managing director for the region, will stay with the firm. Like Coinbase, Kraken has rolled back global expansion plans, shuttering its operations in Japan at the end of last month. In late November, the firm announced plans to cut 30% of its global workforce — equating to roughly 1,100 people — in response to “current market conditions.” — Ben Bartenstein and Emily Nicolle, Bloomberg News
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