Feb 2 (Reuters) - Cryptocurrency exchange Kraken has
shut its Abu Dhabi office less than a year after securing a
license in the region, a spokesperson said on Thursday, as the
company seeks to sharpen its focus after FTX's bankruptcy shook
the digital assets sector.
The U.S.-based company had said last year it would reduce
its workforce by 30%, or about 1,100 employees, as rising rates
and worries of an economic downturn soured the sentiment on
crypto.
FTX's fall has also set the dominoes falling across the
industry, with several major companies having filed for
bankruptcy protection in recent months.
Kraken's move was first reported by Bloomberg News.
In December, Kraken also said it would cease operations in
Japan, citing market conditions in the country and a weak crypto
market globally.
(Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru;
Editing by Shailesh Kuber)
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