Kraken Closes Doors in Abu Dhabi: A Look at the Implications

Despite Kraken receiving regulatory approval to operate in Abu Dhabi less than 12 months ago,the exchange has decided to close its local office. This news will surely cause concern among MENA users, since it means a setback in terms of accessibility and adoption of the cryptographic ecosystem.

However, according to Bloomberg, Kraken plans to keep some localized activities in the region with several employees still present there.Additionally, existing users will be able to continue using the service without having to switch to another fiat currency for their banking transactions.Although this is not as good as the old situation described above when they had full license to operate in Abu Dhabi and the ADGM,

It is still a better option compared to a total closure.All in all, while the reasons behind the move remain unknown for now, we expect to see further announcements related to this issue from Kraken soon.