Kraken Shuts Down San Francisco-based HQ, Blaming for Local Safety

Kraken, the first cryptocurrency exchange to become a bank in the U.S., has shut down its headquarters in San Francisco on grounds, saying that a region is no longer a safe place for its business.

As contained in a statement released by Kraken’s Chief Executive Officer, Jesse Powell, the closure of its headquarters became necessitated, attributing to the local safety as lots of its employees have been attacked on the streets, robbed, and harassed on the way to and from the office.

The outspoken Kraken boss has blamed the policies of the District Attorney for the San Francisco area Chesa Boudin, whom he noted “Ingloriously Protects” criminals based on his ‘Catch and Release’ program. 

Source: Kraken

The challenges the trading platform is facing seem to extend beyond just its employees’ safety, as the statement from Powell also noted that its business partners often refuse to visit again after being victimized. The complaints have showcased how lawless the San Francisco area, deemed as the financial capital of California, has been, a tag that is notably against its business prospects.

According to the statement from Powell, the crimes being perpetrated in the city are grossly underreported because San Francisco is a very prominent city. Powell believes “San Francisco is not safe and will not be safe until we have a DA who puts the rights of law-abiding citizens above those of the street criminals he so ingloriously protects.”

Kraken is a regulated cryptocurrency exchange in the United States, one of the largest with a known headquarters. With the closure of the firm’s operating base on Market Street in San Francisco, it is obvious, unless otherwise stated, that the trading platform will operate like Coinbase and Binance, two giants in the space with no notable headquarters.

There is no indication of the next steps for the trading platform nor a statement from the DA based on allegations Powell levied on Boudin. On social media, many have supported the claims of Powell, while a number of others believe the proliferation of tech firms helped raise the cost of living and the high rate of crimes in the area.