Crypto exchange Kraken has closed its Abu Dhabi office

Crypto exchange Kraken has just closed its Abu Dhabi office in the United Arab Emirates (UAE), where it was licensed as a crypto service provider in April 2022.

The U.S. based company had said last year that it would reduce its workforce by 30%, or about 1,100 employees, as rising rates and fears of an economic downturn soured sentiment on crypto.

This news was reported by Bloomberg, and confirmed by a Kraken spokesperson. So times are tough for many crypto companies, not to mention the bankruptcy of some major players in the sector, such as FTX, Celsius, or Voyager Digital.

Indeed, this action is part of the company’s downsizing plan, which includes the elimination of about a third of its employees worldwide. The layoffs mainly affected eight positions in the team responsible for the Middle East and North Africa region.

The decision was made because the crypto industry is facing tough times and many exchanges are experiencing a decline in profits. The closure is part of Kraken’s efforts to cut costs and focus on other regions; however, Kraken’s CEO, Benjamin enj , will remain with the company despite the closure of its Abu Dhabi office.

In December, Kraken also announced that it would cease operations in Japan, citing market conditions in the country and a weak global crypto market.

A Bitcoin price that currently hovers around $23,500.