• Kraken, a crypto exchange, has closed its Abu Dhabi office and is ending support for United Arab Emirates‘ national currency Dirham.
• The exchange discharged eight members of its MENA team, keeping the managing director Benjamin Ampen to oversee the transition in the region.
• Kraken users in the region will still be able to use the platform but deposits in Dirhams will be automatically converted to USD.
Kraken Closes Abu Dhabi Office
Kraken, a cryptocurrency exchange, has closed its Abu Dhabi office and has ended support for United Arab Emirates‘ national currency Dirham according to Bloomberg News. The firm discharged eight members of its MENA (Middle East and North Africa) team, keeping the managing director Benjamin Ampen to oversee the transition in the region.
Nasdaq-listed Crypto Exchange
Kraken is one of many firms that was licensed by Abu Dhabi Global Market last year. It is also a Nasdaq-listed crypto exchange which allows clients to trade cryptocurrencies such as Bitcoin and Ethereum using various fiat currencies including US Dollars, Euros and British Pounds.
Support For UAE Dirham Ended
The registry showed that Kraken is no longer active in UAE due to which it has stopped providing support for Dirhams as well. This means that those who are interested in trading on Kraken from UAE can only do so with other supported currencies like USD or EUR.
Deposits In Dirham Automatically Converted To USD
Deposits made in dirhams will be automatically converted into US Dollars and clients can use other currencies supported by Kraken’s platform instead of dirhams. Although this change might affect some traders, they will still have access to all other features available on Kraken’s platform such as real-time market data and advanced trading tools like margin trading or futures trading with up to 50x leverage.
Crypto Exchange Shuttering Operations In Japan
This isn’t the first time that a crypto exchange has shuttered operations because earlier this year both Coinbase and Kraken have withdrawn from Japan citing market conditions there. However, despite these closures users can still access their platforms from anywhere around world making them more accessible than ever before