• Kraken is closing its Abu Dhabi offices due to the crypto crash of 2022 affecting virtually every major crypto enterprise.
• Kraken will no longer provide support for customers in the Middle East, but they can still access other services.
• Sam Bankman-Fried, founder of FTX, was lauded as a genius but is now awaiting trial after allegations that he used customer funds to prop up his own business.

Kraken Closing UAE Offices

Kraken has had to close its offices in Abu Dhabi (located in the United Arab Emirates or UAE) due to the global crypto crash of 2022 impacting virtually all major digital currency exchanges. The company will no longer be providing support for customers – both retail and institutional – in that region, however they will still retain access to Kraken’s many other services.

UAE’s Failed Crypto Crusade

The UAE has been on a mission to attract digital currency companies and businesses from all over the world, which appeared successful until the crypto crash of 2022 hit almost every single major exchange. As two of the largest and most well-known trading platforms, Gemini and Coinbase were forced to undergo second series of layoffs – with each letting go at least 1,000 employees – while many crypto businesses that call the UAE home invested in once golden child FTX.

Rise & Fall Of FTX

FTX first arrived on the scene in 2019 and rose to prominence by 2022; however its founder – Sam Bankman-Fried – is now awaiting trial at his parents‘ California home after it was alleged that he used customer funds to prop up his own business. This caused a ripple effect throughout other enterprises such as Kraken who had established themselves in the region prior to this incident coming about.

Future Of Cryptocurrency In The UAE

With cryptocurrency enterprises having trouble staying afloat, it remains unclear what lies ahead for digital currency companies operating within the UAE region moving forward. It’s likely that this news will come as a shock for those hoping for an easier way out from traditional banking systems into more advanced financial technology solutions like digital currencies.


Despite their best efforts, Kraken has had no choice but to close their doors in Abu Dhabi due to global economic woes taking their toll on cryptocurrencies around the world. It’s yet another example of how volatile these markets can be and serves as a warning against investing heavily into any one coin or platform without adequate research being done first.