US-based crypto exchange Kraken is shuttering its Abu Dhabi office as part of its ongoing global cost-cutting measures, reports Bloomberg.
The move means that transactions in Dirham, the country’s official currency, will no longer be allowed. However, customers from the region will still be able to use the platform.
The company took the decision less than 12 months after gaining a local license. Kraken no longer shows up in the registry for Abu Dhabi Global Market (ADGM).
The firm has slashed the majority of its workforce in the MENA region and, according to a Kraken spokesperson, these cuts will affect somewhere in the region of eight roles.
Closure just the latest of Kraken’s Middle East struggles
Back in November, Kraken agreed to pay more than $460,000 to settle civil liability related to allegations that it violated US sanctions by allowing Iranian users to trade digital tokens on the platform.
As part of the settlement with the Office of Foreign Assets Control (OFAC), Kraken was ordered to pay a fine of $362,000, and invest a further $100,000 in various sanctions compliance controls.