• Kraken is closing its offices in the United Arab Emirates (UAE) and suspending all support for customers in the region.
• Kraken was one of the first major digital currency institutions to make its way to the UAE, but has been affected by the crypto crash of 2022.
• Many of the companies that now call the UAE home invested heavily in FTX, which collapsed due to alleged misuse of customer funds by founder Sam Bankman-Fried.
Kraken Closes Its UAE Offices
Kraken, a major digital currency exchange, has had to forfeit its position in Japan and close its offices there, as well as let all employees go in that division. Now it must do the same for its Abu Dhabi offices located in the United Arab Emirates (UAE). A spokesperson for Kraken released a statement saying that they are regularly reviewing their business lines to ensure resources are being used globally and also suspended all support for customers – both retail and institutional – in that region of the world.
Kraken’s Move into UAE
Kraken was one of many businesses attracted to set up shop in UAE last year as part of their mission to accelerate cryptocurrency adoption. However, no one could have predicted how devastatingly hard crypto enterprises were hit by the crash of 2022. Major companies such as Gemini and Coinbase have had to undergo multiple layoffs while others have been forced to completely close their doors.
Investment In FTX
Many crypto companies who called UAE home invested heavily with FTX when it first arrived on scene back 2019 and became one of five biggest trading companies across globe by 2022. Founder Sam Bankman-Fried’s net worth skyrocketed until his company allegedly engaged in misuse of customer funds which led to its collapse and his trial awaiting at his parents‘ California home today.
Consequences Of The Crypto Crash Of 2022
The impact from this crash has been felt across many digital currency firms leading them facing layoffs or outright closures over past few months. It is a reminder for investors about how volatile industry can be when investing even established names like Gemini or Coinbase so caution should always be exercised before taking any risks with cryptocurrencies..
It’s unfortunate news for Kraken having had to withdraw from yet another market but these decisions are necessary sometimes whether it’s due to regulations or other economic factors beyond our control . Despite this setback, kraken remains optimistic that they’ll be able continue providing services worldwide while staying true their mission accelerating adoption cryptocurrency..