A fresh revelation reveals that Kraken and Bittrex are reducing in response to the ongoing volatility in the digital asset market.
Bloomberg reports that Kraken, headquartered in San Francisco, has closed its Abu Dhabi headquarters less than a year after acquiring a license to operate a regulated exchange platform in the United Arab Emirates (UAE).
As a result of the crypto winter, the third-largest crypto exchange is laying off 30% of its global personnel. The majority of Kraken’s Middle East and North Africa (MENA) staff has been let go, according to a spokesman, although the company wants to keep some personnel in the region, including MENA managing director Benjamin Ampen, who will likely only leave once the transition is complete.
Additionally, Bittrex is cutting its employees. According to a Worker Adjustment and Retraining Notification (WARN) notification received by the Employment Security Department of Washington state on Wednesday, the Seattle-based exchange is laying off 83 employees.
An email addressed to Bittrex employees and uploaded on Twitter by Autism Capital indicates that the downsizing is a result of the decline in the cryptocurrency market.
“BITTREX commences layoffs today, blaming macroeconomic market conditions.”
Bittrex agreed in October to pay a $53 million penalty to the U.S. Treasury and the Financial Crimes Enforcement Network (FinCEN) after investigations revealed the exchange had breached US sanctions and anti-money-laundering rules.
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