Kraken, the US-based crypto exchange, has called time on its Abu Dhabi business.
The announcement comes less than a year after the firm secured a licence to operate in the year.
It also comes in the wake of the collapse of fellow crypto exchange FTX, a market shock that has affected many in the sector.
Kraken has stated that it intends to sharpen its focus. In addition to shuttering its Abu Dhabi office, the firm is reducing its workforce by 30%, equivalent to roughly 1,100 employees.
Kraken has also announced that it plans to close its Japan operations, citing difficult market conditions in the country along with a weak crypto market globally.
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