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Kristina Frunze

7 September 2018

Cryptocurrency Exchanges

Kraken Halifax Staff Layoff Rumours Denied

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Did you hear about Kraken Halifax staff layoff? Do not be quick to believe it. According to the support team of the company, there is no security breach and they are not shutting down any operations. 

7 September, AtoZ Markets – The 11th largest global cryptocurrency exchange by trading volumes Kraken has seemingly denied rumors about the layoffs of its staff in Halifax, Canada. 

Kraken Halifax situation

Some of the online reports have stated that the exchange has been laying off staff. One of the posts on the local discussion on Reddit has suggested that Kraken’s “unit 102 at 60 Highfield park drive” had fired “hundreds of people…after making them sign voluntary quit forms.”

The post further stated that a “giant commotion” had emerged as a response to the suspected security breach. After sharing this statement, the author of the post has asked the question:

 “Was anyone here one of those people?”

In spite the question at the end of the post, some of the details appeared to be reiterated by another thread contributor. According to online reports, he wrote:

“10 AM, mandatory meeting. Security everywhere, required to hand in door fobs. Sitting in lunchroom, get told that due to volumes being down (both trading and support ticket), and in light of the opening of a new office in Asia, we need to reduce costs, and layoff of recently hired (<3 months, approx 57 people) was not enough.”

The contributor has reportedly further suggested that meeting attendants have been informed that in case they would voluntarily resign, they would be provided with “8 weeks pay as a severance package." However, if they failed to do so, they could not be guaranteed further employment, online report state. 

Kraken Halifax Staff Layoff Rumours Denied

Following on this, the same online media outlet writes that another contributor on Reddit stated that the security alert might have happened due to the location being “compromised.” However, it appears that these rumors were not justified. 

One of the online media reports has cited the Twitter denial coming from the Kraken support team:

 “We can confirm that we are not shutting down any operations in any specific place, and there has been no security breach. Everything is fine & secure. Thank you for your reaching out to us with your question!”

The denial has been reaffirmed by a second Tweet from the Kraken support team coming some hours later. 

Kraken trading volumes are dropping

Speculations about Kraken Halifax staff lay off appeared approximately six months after one of the online media companies stated that a “person familiar with the [Kraken’s] operations” had said the company was “on the fast track to 1,000 employees and [was] prepared to add 800 people to its staff in 2018.”

Nevertheless, Kraken has pulled its trading services offering from Japan, referring to the rising costs of business as the reasoning for its decision. 

Earlier last month, the data from the crypto industry newsletter company Diar suggested that starting from the beginning of 2018, trading volumes on Kraken have been on a decline. 

Think we missed something? Let us know in the comments section below. 

kraken Cryptocurrency exchange
The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZMarketz.com, nor should they be attributed to AtoZMarkets.

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