Cryptocurrency exchange Kraken has shut its Abu Dhabi office less than a year after securing a license in the region, a spokesperson said on Thursday, as the company seeks to sharpen its focus after FTX’s bankruptcy shook the digital assets sector.
The U.S.-based company had said last year it would reduce its workforce by 30%, or about 1,100 employees, as rising rates and worries of an economic downturn soured the sentiment on crypto.
FTX’s fall has also set the dominoes falling across the industry, with several major companies having filed for bankruptcy protection in recent months.
Kraken’s move was first reported by Bloomberg News.
In December, Kraken also said it would cease operations in Japan, citing market conditions in the country and a weak crypto market globally.