BlocksInform
crypto exchange has discontinued its service for transactions conducted in the United Arab Emirates currency, however, customers located in the region will still be able to make use of the platform. An exchange representative that all deposits made by clients denominated in dirham would be automatically converted to dollars before being made available for withdrawal. Moreover, customers can keep using any other fiat currency that kraken currently supports.
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As a result of the volatility that transpired in the cryptocurrency markets in 2022, a wave of layoffs occurred across the industry. Companies such as Kraken, Coinbase Global Inc., Crypto.com, and Gemini all announced extensive cost-cutting initiatives. Although digital token prices have shown some improvement to date in 2023, trade volumes remain low, undermining trade profitability.
Kraken’s Dwindling Growth
rival Kraken has scaled back its global expansion goals, and even ceased all of its activities in Japan last month. In response to "current market conditions", the company stated in late November that it intended to reduce its global workforce by 30%, that would represent around 1100 people.
Kraken is planning on keeping some employees based in Mena. In the spokesperson's opinion, benjamin ampen, Kraken Regional General Manager, will stay with the business to help with the transition, but will likely leave the business once completed. A registrar for the Abu Dhabi Global Market, where Kraken was granted a cryptocurrency license in April of last year, no longer reflects an operating business in the name of the company.
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