Kraken Closes UAE Offices: Crypto Exchange Loses Another Battle

• Kraken is closing its offices in Abu Dhabi (UAE) and suspending all support for customers in the Middle East.
• Kraken was one of the first major digital currency institutions to make its way to the UAE, but the crypto crash of 2022 affected virtually every major crypto enterprise.
• Gemini and Coinbase both had to undergo second series of layoffs, with 1,000 employees let go each. Sam Bankman-Fried’s FTX was also highly impacted by the crash and he is awaiting trial at his parents‘ California home.

Kraken Is Closing Its UAE Offices

A spokesperson for Kraken has released a statement that they are regularly reviewing their business lines in order to ensure resources are being employed globally and accelerating cryptocurrency adoption. As a result, they have decided to close their offices in Abu Dhabi located in the United Arab Emirates (UAE) and suspend all support for customers – both retail and institutional – in that region.

Kraken Was One of The First Major Digital Currency Institutions To Make Its Way To The UAE

The country has been on a mission to attract new digital currency companies from all over the world, with some success prior to the crypto crash of 2022 which affected virtually every single major crypto enterprise out there. This includes Gemini and Coinbase who were forced to recently undergo second series of layoffs with 1,000 employees let go each. Additionally Sam Bankman-Fried’s FTX saw significant losses due to this crash and he is now awaiting trial at his parents‘ California home after it was alleged that he used customer funds improperly.

Crypto Crash Of 2022 Affected Virtually Every Major Crypto Enterprise

The crypto crash of 2022 had an immense impact on many businesses around the world, particularly those operating within the cryptocurrency space such as Gemini and Coinbase who both underwent second rounds of layoffs resulting in thousands of employees being let go from each company respectively. In addition, Sam Bankman-Fried’s FTX experienced similar losses leading him into legal troubles – currently awaiting trial at his parents‘ California home due to allegations that he misused customer funds improperly.

Gemini And Coinbase Forced To Undergo Second Series Of Layoffs

As two of the largest digital trading platforms worldwide, Gemini and Coinbase were both significantly impacted by this crash leading them into having to perform another round of layoffs – letting go at least 1,000 employees from each company respectively. While these two enterprises have been able to recover somewhat since then; other smaller businesses such as Kraken have had no choice but close down completely or reduce their operations which is why they are now withdrawing from Abu Dhabi (located in UAE).

FTX Founder Awaiting Trial In California Home

Sam Bankman-Fried found success when his FTX venture first started back in 2019 becoming one of five largest digital currency trading firms across globe by time 2022 rolled around – praised as a genius with billions net worth before collapse occurred. Now he is facing legal issues after allegations emerged claiming misuse customer funds so currently awaiting trial at his parents‘ California home while hoping for better days ahead within industry once again soon enough