Crypto exchange Kraken shutters office in Abu Dhabi

Cryptocurrency exchange Kraken reportedly shut its Abu Dhabi office, less than a year after it set up shop in the city, as part of the job cuts announced late last year in response to the industry downturn. The move impacts eight employees, a Kraken spokesperson told Seeking Alpha. "Kraken regularly reviews its business to ensure we're employing resources globally to best achieve our mission of accelerating adoption of crypto," said the spokesperson. "As part of a recent review, we decided to suspend AED (dirham) support." All clients, including in the Middle East and North Africa region (including UAE), will still be able to use all of Kraken's other services, the spokesperson added. Kraken no longer appears on the Abu Dhabi Global Market's registry. The authority granted license to Kraken last April to operate its platform in Abu Dhabi. Bloomberg first reported Kraken's move to shut its office in Abu Dhabi. Kraken suffered during last year's market rout caused by macroeconomic headwinds, multiple high-profile bankruptcies and ongoing regulatory concerns. The firm said it would lay off 30% of its workforce, buckling under lower trading volumes and fewer client sign-ups . Kraken also halted operations in Japan, owing to market conditions in the country. At the time, it said the move would not have a material impact on its business .