JAKARTA The leading crypto trading company, Kraken, has decided to end operations in Abu Dhabi, according to a recent report from Bloomberg. This move appears to be taken as one of the company's cost cuts.
Even though transactions in Dirhams, the United Arab Emirates' official currency, are no longer available, Kraken still allows users from the region to use its services.
Kraken decided to close its store in the United Arab Emirates less than a year after obtaining a license to operate in the region. The exchange joins rivals like Binance by entering the market.
Currently, the company is no longer visible on the Abu Dhabi Global Market (ADGM) list, which is an international financial center founded in 2013.
In December, Kraken also announced its decision to end operations in Japan, due to unfavorable market conditions. The exchange left the market in 2018, but then returned after obtaining a license from local regulators.
Kraken began expansion into Japan in 2014. Rival Coinbase also decided to end operations in Japan in January, due to unstable market conditions.
After driving a bullish market wave in 2021, the main exchange was forced to announce a massive layoff in 2022. In early December, Kraken fired 30 percent of its workforce as reported by U.Today.
Despite Bitcoin's strong performance earlier this year, major cryptocurrency companies are still struggling after the industry went through a series of crises that undermined trust last year.
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