• Kraken is closing its UAE offices and suspending all support for customers in that region.
• Kraken was one of the first major digital currency institutions to enter the UAE, with other companies like Gemini and Coinbase having to let go of employees due to the crypto crash of 2022.
• Sam Bankman-Fried, founder of FTX, a once golden child of the industry, is awaiting trial after being accused of using customer funds for his own personal gain.
Kraken Closing its UAE Offices
Kraken, a major digital currency exchange, has announced that it is closing its Abu Dhabi offices located in the United Arab Emirates (UAE). The company has had to forfeit its position in Japan and let go of all employees there, now doing the same for its UAE location. A spokesperson for Kraken released a statement saying: “Kraken regularly reviews its business lines to ensure we’re employing resources globally to best achieve our mission of accelerating the adoption of cryptocurrency”. In addition to this closure, Kraken will no longer be providing support services – both retail and institutional -in that region either.
UAE’s Crypto Crusade
The UAE has been actively pursuing businesses from all over the world with their cryptocurrency crusade. Unfortunately, they were unprepared for what was coming with the crypto crash in 2022 which affected virtually every single major crypto enterprise out there leading many companies like Gemini and Coinbase needing to undergo layoffs before eventually having to close their doors completely.
FTX’s Rise and Fall
In 2019 FTX made an appearance on the scene as one of five largest digital currency trading companies around the globe. Sam Bankman-Fried was seen as a genius in his field who had built up a net worth in billions prior to FTX’s collapse shortly after 2022. He is now currently awaiting trial at his parents‘ California home on charges that he used customer funds for his own personal gain.
A Difficult Situation For All Involved
The entire industry has been facing difficult times due to these events as many people have lost their jobs as well as money invested into certain platforms such as FTX by customers or businesses alike. It’s unclear how long this situation will last or how much further it could potentially reach but what is clear is that everyone involved needs more security when it comes investing digitally into cryptocurrencies going forward if they want any chance at success or stability within this field again anytime soon.
What Will Happen Next?
It remains unknown what will happen next but some are hopeful that things may improve eventually once governments start introducing more secure regulations surrounding investments made into digital currencies such as Bitcoin or Etherium etcetera so people can feel safer about investing their time and money into them without fear of something like this happening again any time soon if ever again at all