Cryptocurrency exchange Kraken closes Abu Dhabi office
Emirati officials are still bullish about the future of cryptocurrency, but the crash in the market has hit the UAE hard.
A major cryptocurrency platform confirmed on Thursday that it's closing its office in Abu Dhabi.
Reuters first reported that Kraken shut its office in the Emirati capital. A spokesperson for the firm confirmed the news to Al-Monitor.
“Kraken regularly reviews its business lines to ensure we’re employing resources globally to best achieve our mission of accelerating the adoption of cryptocurrency,” Kraken said in a statement sent to Al-Monitor.
Kraken also suspended “support” in Emirati dirhams. Clients in the United Arab Emirates and the rest of the Middle East will still be able to use Kraken’s other services, however, according to the statement.
