Crypto exchange Kraken has closed its Abu Dhabi office and is ending support for United Arab Emirates’ national currency Dirham, Bloomberg News reported Feb. 2.

The crypto firm discharged eight members of its MENA team, keeping the managing director Benjamin Ampen to oversee the transition in the region.

The Abu Dhabi Global Market’s registry showed that Kraken was no longer active in the country. The exchange was among the numerous firms licensed to operate in Abu Dhabi last year.

Bloomberg reported that Kraken users in the region would still be able to use the platform. However, their deposits in Dirham would be automatically converted to the US Dollar. It added clients in the region could use other currencies supported by the platform.

Kraken has not responded to CryptoSlate’s request for comment as of press time.

Earlier in the year, Kraken and Coinbase shut down operations in Japan, citing market conditions.

The post Kraken closes Abu Dhabi’s office, sacks 8 staff appeared first on CryptoSlate.

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Filed under: Bitcoin - @ February 2, 2023 6:12 pm